The hot topic in the country is GST. It is most common in India that we all complain in the beginning but eventually we shut our mouth and get going whether it is the Demonetization or the poor roads in the city.
We can say that GST will be beneficial due to the following facts but a problem needs to be looked at from every angle, hence it’s an interesting debate whether GST is beneficial or not
- The tax structure will be made lean and simple
- The entire Indian market will be under a single umbrella of taxation
- It should bring more transparency and good compliance
- Number of departments will reduce which in turn may lead to less corruption
- More business entities will come under tax system which would lead to more revenue tax collections
- Companies under unorganized sector will come under tax regime
India’s gem & Jewellery industry has been suffering from constant changes and uncertainty in tax policy. It is a wide-spread feeling among the Jewellery fraternity that the Indian Government needs to work towards a more uniform and consistent taxation policy under the Goods & Service Tax (GST) regime for the industry. Gold Jewellery, silver Jewellery and processed diamonds will be taxed at 3 percent, while the tax on rough diamonds will be 0.25 percent against the earlier rate of 2 to 2.5 percent. It is indeed good news for the Jewellery industry. So if you are fond of Silver Jewellery and wish to add some new designs to your dressing table, then this tax reform shouldn’t hold you back. GST on Silver Jewellery is only 3% so what are you waiting for???
AhilyaJewels.com offers a variety of handcarved necklaces, earrings, rings, pendants and many more made of pure silver at prices that will definitely not make you feel the pinch. So do tell us your views – do you think 3% GST on Silver Jewellery is good or not? Do write in to us!!!!