Export Promotion Council of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) of India called on the authorities to free the jewelry industry by a new tax on goods and services (Goods and Services Tax, GST) , proposing instead to set a minimum rate for the industry tax 0 - 1.25% depending on the type of product.
Presentation of the GJEPC, made on the eve of the decisive meeting of the GST Council, stresses that the tax exemption would help the industry remain competitive in the global market and a leading position in the world, while the lowest GST rate of 1.25% of the sales in the domestic jewelry market It will be neutral in terms of government revenue and will increase the transparency and the payment of taxes in the jewelry industry.
Chairman GJEPC Pravinshankar Pandya (Praveenshankar Pandya) said at a press conference that the Council and the entire industry support the transition to a regime of tax on goods and services. According to him, the jewelry industry is making a significant contribution to the development of the country. In addition, in his opinion, when considering a new tax regime should take into account these factors. Jewelry segment also became for the authorities trusted exporter of goods, and therefore GJEPC participation in negotiations was focused on the story of the contribution of the Indian jewelry industry in the national economy under the new GST.
GJEPC representatives in the Council on GST offered to all raw materials such as diamonds, diamonds and colored gemstones, as well as services for their movement, which promotes export, have been fully exempted from the GST.
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