Domestic jewellers recommend 1.25% duty under GST

Industry promises multi-fold rise in revenue than at present and no parallel economy

The Rs 2,50,000-crore gems and jewellery industry has recommended 1.25 per cent of levy for it under the coming Goods and Services Tax (GST).

This is based on a recent study by global consultancy Deloitte, appointed by the industry body, All India Gems and Jewellery Trade Federation (GJF).

The recommended rate, however, is far lower than the slabs before the government for GST applicability. The committee set up to consider applicable rates under the GST has recommended four slabs -- of five, eight, 12 and 16 per cent -- for various sectors.

The gems & jewellery sector contributes nearly seven per cent of