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The Gem and Jewellery Export Promotion Council (GJEPC) today welcomed the GST council's decision on revising GST rates for import of rough diamonds from 3 per cent to 0.25 per cent for industrial and unsorted category.
"We welcome the pragmatic decision of GST council for harmonising the GST rates for import of rough diamonds and reducing it from 3 per cent to 0.25 per cent for industrial and unsorted category," GJEPC Chairman Praveenshankar Pandya said in a release.
He said, the revised rates of GST was very essential for the ease of doing business and will support the diamond trade to import the goods in respective category without any fear of imposing of higher rate of GST by the department.
"The reduction in duty of Coral and Articles of Coral is a welcome step, which will be beneficial to colour gem stone industry. The industry was facing challenges while importing mother of pearl and now GST rate is announced for plain mother of pearl at 3 per cent and its articles at 12 per cent, which will allow jewellers a hassle free import of the product," he added.
However, Pandya said, the gems and jewellery sector is still waiting for acceptance of its two major recommendations to boost the exports of this sector.
Pandya also welcomed the formation of the special committee to look after GST rules in relation with exports under the Chairmanship of Revenue Secretary.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)