Gems and Jewellery Export Promotion Council (GJEPC) today said the Goods and Services Tax (GST) has led to locking of some Rs 8000 crore for the exporters.
"GST on exporters has led to Rs 4,000 crore getting stuck for diamond jewellery exporters and the same amount for gold jewellery exporters as working capital. From where will this amount come from ?" GJEPC national chairman Praveenshankar Pandya said here today.
He said government should support the industry which offers best example for 'Made in India' and called for a single gold authority to monitor the industry.
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Currently, there are multiple agencies like DGFT, RBI or finance ministry who are governing the sector but a seperate regulator or authority is desired.
Pandya praised West Bengal for forgoing the 1.5 per cent GST on jewellery exports.
He projected that gems and jwellery exports from India can touch USD 60 billion by 2022.
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