GJEPC welcome's reducing GST rate!

Shri Pramod Agarwal, Chairman, Gems and Jewellery Export Promotion Council on GJEPC welcome's GST council's move of reducing GST rate on C&PD and Precious Stones from 3% to 0.25%.

 

GJEPC on behalf of the G & J trade fraternity welcomes the announcement made by GST Council regarding reduction of GST rate on Diamonds & Precious Stones from 3% to 0.25%. This move will certainly support the SMEs of the sector and small players including brokers, agents, and traders to function smoothly without blockage of working capital.

 

Looking at the six million plus jobs that this sector accounts for and the 43.2 billion dollar exports out of the country, this cut in GST rate will definitely help the industry to grow further.

 

Given the high price of the products where around 80% - 95% of the content is imported component  and more than 90%  being  exported , this will be a great boost to the Indian Gems and Jewellery industry. Reforms like these will help India to become global leader in Gems and Jewellery.

 

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