All India Gem and Jewellery Domestic Council informed that the jewellery industry is going through a recession due to which there are high chances that many skilled artisans may lose their jobs. It has also sought lower customs duty on imported gold and GST on jewellery.
Recently in the Union Budget 2019-20, the customs duty on imported gold was increased from 10 per cent to 12.5 per cent, while GST on jewellery fixed at three per cent as compared to one per cent in the erstwhile VAT regime.
Vice-Chairman of the Council, Shaankar Sen informed that the hike in customs duty and the present GST rate is affecting the market and also the pockets of the consumers.
According to the sources, the council has urged Government to introduce EMI schemes for jewellery purchase, since gold has been declared as an asset class, and that the requirement for the production of PAN card on such purchases should be raised.
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