GST reduced on diamond is a boost up!

Recently GST Council announced, Tariff item 7102, Diamonds and precious stones, GST rate recommended for reduction from 3% to 0.25%!  

 

As per discussions held in the 25thGST Council Meeting, the Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi. The Council has recommended certain in GST/IGST rate and clarifications in respect of GST rate on Goods specified below as per discussions.

 

In the row, Ishu Datwani, Founder, Anmol said, “The reduction in the GST for loose diamonds & colour stones is a step in the right direction. But the rate for GST continues to be the same 3% for gold jewellery and making. We now await a reduction in the rate for jewellery as that would encourage compliance & bring more revenue to the government coffers”.

 

Vaibhav Saraf, Director, Aisshpra Gems & Jewels expressed, “This a much welcome move and will help in boosting sale of solitaires. However, the implications on jewellery studded with diamonds is still not clear and needs a few days for clarifications to come in”.

 

While at the occasion Aditya Pethe, Director, WHP Jewellers said, “The reduction of GST is very good for the diamond Industry as it will immensely help B2B diamond trade for domestic as well as export business. It will also encourage sale of diamond jewellery, loose diamonds and Coloured stones at retail level”.

 

 

 

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