GJF Urges Indian Government to Implement Industry-wide 1% GST

(IDEX Online News) – The All India Gems and Jewelry Trade Federation (GJF) has urged the Indian government to implement a uniform 1 percent Goods and Services Tax (GST) across the entire gem and jewelry sector, according to a report in The Economic Times.

GJF hopes that the introduction of the GSTwill help the gem and jewelry sector to promote the ‘Make in India’ concept. This government initiative encourages domestic and foreign companies to manufacture products in India.

“All members of GJF have expressed their satisfaction over the government’s new initiatives such as including the gems and jewelry sector in (the) Make in India program; gold monetization scheme, compulsory hallmarking and opening of gold loans to the trade, which created a positive environment of doing business,” said GJF chairman G V Sreedhar.