GJC wants lower GST on gold and silver jewelry
Business
The All India Gem & Jewellery Domestic Council (GJC) is urging the government to cut GST on gold and silver jewelry from 3% to around 1.5%.
They pitched this idea to Finance Minister Nirmala Sitharaman ahead of the upcoming Union Budget.
Why should you care?
Cheaper taxes could mean more affordable jewelry, especially with gold prices so high right now.
The GJC is also pushing for easier tax refunds, simpler rules for small businesses, better options for exchanging old jewelry, and even a tourist GST refund at airports.
As GJC Chairman Rajesh Rokde puts it, these changes could help fix "working capital stress" and make things smoother for everyone in the industry—possibly making buying or selling jewelry less of a hassle for young shoppers too.