GST on Gold and Silver, GST, Duty Cut: Commerce and Industry Minister Shri Piyush Goyal put to rest the rumors of an imminent GST increase on gold and silver during his address at the 40th edition of the India International Jewellery Show (IIJS) Premiere 2024, held at the Bombay Exhibition Centre in Mumbai.
Speculation had been swirling within the industry that the government might raise the GST on precious metals, particularly after the recent 9% duty cut on gold, silver, and platinum. Industry experts had suggested that the GST rate could increase by 2%, moving gold and silver from the 3% to the 5% GST slab, while some even speculated a jump to 12%.
However, Goyal reassured the audience, stating, “I urge the industry to remain positive. The government is mindful of your concerns, and I want to reassure you that we are not planning any immediate hike in the GST rate.” This announcement brought relief to the jewellery sector, where many businesses had been rushing to purchase precious metals in anticipation of a potential tax increase.
The GST Council is scheduled to meet in the last week of August, but Goyal’s comments have eased concerns for now. He also emphasized that the Union Budget’s duty cuts on gold, silver, and platinum were aimed at revitalizing the gem and jewellery industry, which has been impacted by global economic conditions. “Gold and jewellery will increasingly come through official channels, and our workforce will get job orders. India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession,” he added.
The IIJS Premiere 2024 continues to showcase a wide array of products, including diamond, gemstone, and studded jewellery, gold and gold CZ jewellery, lab-grown diamonds, high-end couture jewellery, silver jewellery and artefacts, color gemstones, and machinery, technology, and allied industries.
IIJS PREMIERE 2024 – Celebrating 4 Decades of Maximizing Business Opportunities
Event Highlights:
40th Edition of IIJS Premiere
2100+ Exhibitors showcasing their collections
3600+ Stalls across the event
Spanning a total area of 1.35 lakh sqm
Special Attractions: THE SELECT CLUB at JWCC: A dedicated section for Exclusive High-End Couture Jewellery
Prime Plus Lounge for Prime Plus Exhibitors, Visitors, and International Guests at both venues
IGJME 2024 (India Gems & Jewellery Machinery Expo) at BEC
Salient Features:
User-friendly Visitor Pre-Registration
Digital Entry Badge via the IIJS App and Facial Recognition
Comprehensive IIJS App with detailed show features
3D Interactive Floor Plan for easy navigation
Exclusive One Day for each venue with staggered show dates
A range of accommodation options from 5-star, 7-star to budget hotels near the venue
Networking Evening events
Innov8 Talks (Seminars) at both venues
Frequent Shuttle Services between venues for convenience
Ample Parking at JWCC
Product Sections:
JWCC (JIO BKC):
Diamond, Gemstone, and other Studded Jewellery
Gold and Gold CZ Studded Jewellery
Laboratories and Education (Loose Stones)
International Companies
Exclusive Sections:
Lab-Grown Diamonds (Loose & Jewellery)
Loose Natural Diamonds
The Select Club – Exclusive High-End Couture Jewellery
BEC (NESCO Goregaon):
Diamond, Gemstone, and other Studded Jewellery
Gold and Gold CZ Studded Jewellery
Laboratories & Education (Jewellery)
International Companies
Exclusive Sections:
Silver Jewellery, Artefacts & Gifting Items
Loose Colour Gemstones
Machinery, Technology & Allied Industry
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