Chennai

Jewellers in city seek exemption from GST

Jewellers in the city recently represented to the Chief Minister Edappadi K.Palaniswami seeking exemption for a few gold and silver ornaments from the Goods and Services Tax (GST).

Members of the Madras Jewellers and Diamond Merchants’ Association (MJDMA) noted that gold ornaments like ‘thali’ and silver ornaments such as anklets, waist chains and toe rings were earlier exempted from value added tax and sales tax. But, they have been included under GST.

S. Shanthakumar, secretary of the MJDMA, said gold jewellery have been levied a GST of 3%. “We submitted the petition to seek exemption for a few gold and silver ornaments that were already exempted from tax. Members of the Tamil Nadu Vanigar Sangangalin Peramaippu also supported us,” he said.

The jewellers pointed out that the sales of yellow metal has dipped by 20% over the past few weeks since the GST came into force. Customers had to pay an additional ₹50 for every gram of gold they purchased and so many were reluctant.

Price volatile

On Wednesday, one gram of 22-carat gold was priced at ₹2,727, which was ₹10 more than the previous day’s price. Jewellers said though the price has been volatile, customers hesitated to purchase due GST.

The Chief Minister has assured the members that their petition would be represented at the GST council for review. “We have also submitted representations to the Union government,” added Mr. Shanthakumar.

Article source: http://www.thehindu.com/news/cities/chennai/jewellers-in-city-seek-exemption-from-gst/article19459967.ece?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication

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