GST one of the biggest concerns for G&J Industry in coming times: Ashok Minawala, Member of Gems and Jewellery Federation

In a networking meet hosted by Jewellers Youth Forum in association with Jewel Trendz, Mr. Ashok Minawala, Member of Gems and Jewellery Federation (GJF) threw some light on the recently introduced Government Service Tax (GST). He said, “GST is going to be one of the biggest concerns for the industry in coming times.” Explaining further he said that GST is actually nothing but tax supply on the gold. He further added, “In order to understand GST, we need to understand how GST functions. The introduction of GST will be a landmark indirect tax reform and is in the process of replacing the present indirect tax structure. The concept of GST in gems and jewellery industry was introduced after taking the suggestions and recommendations from more than 60 associations of India into consideration. Keeping in mind, the unique characteristics of the gems & jewellery sector, the kaarighars and small jewellers were kept out of purview of the Excise Duty. Therefore, while we welcome GST we request the GST Council to kindly recognize the practical issues faced by the gems and jewellery sector.”