GST impact on gold jewellery industry  

by National | 14-08-2017 | 1048 views

Coimbatore: The Good and Service Tax (GST) implemented in India on July 1st has had a serious impact on the gold jewellery industry. It comes as no surprise when we say that Gold has been a craze for the women in our nation. Before the GST was put in place, the tax was one per cent for turnovers up to 10 crore and 2 per cent above it. Now the tax levied has risen up to 3% for gold biscuits, gold and silver jewellery, diamond and precious stones. A council of 35 jewellery manufacturers has urged the GST Council to reduce the tax to 1.5%. “Sales have dropped from 100 kg to 50 kg” says Coimbatore Jewellery Manufacturers Association president B MuthuVenkatraman.

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