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Gems & jewellery trade fully ready for GST roll out from July

Press Trust of India  |  New Delhi 

The and jewellery trade is fully prepared for the regime, to be implemented from July 1, industry body GJF said today and hoped that the Centre would levy only 1.25 per cent on the sector.

It attracts 2 per cent (one per cent each of excise and VAT) at present in most states except in Kerala.

"We are fully prepared to implement the Our jewellers are ready. We have developed a software to create awareness on the issue," All and Jewellery Trade Federation (GJF) chairman Nitin Khandelwal told reporters here.

The rate for the sector has not yet been finalised by the "We have demanded for 1.25 per cent We hope the accepts it. We are trying hard to convince them on this issue," he said.

GJF has ministry officials as well as several state ministers on the issue and explain them the ground reality.

Higher would affect organised players badly, GJF said, adding that the industry is pitching for lower to bring unorganised players on board so that their dealings are reported online with greater transparency.

Khandelwal and members of GJF were here to launch a 3-day event 'Preferred Manufacturer of (PMI)', that will start in the national capital from tomorrow. The event aims to facilitate the country's top and jewellery makers and wholesales/retailers to network and place orders.

About 45 top manufacturers and 150-200 wholesalers and retailers are expected to participate in the event, which has been held for last six years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 18:57 IST