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Gems, jewellery Sector Urges Govt to Reduce GST to 1% in upcoming Budget
MUMBAI: The gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1 per cent on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget.
"We seek rationalisation of taxes and availability of finance to support business," the All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde said in a statement on Tuesday.
With the continuously increasing gold rates, the current rate of GST is increasingly becoming a burden for the industry and end customers, he said.
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