Jewellers welcome GST cut on making charges

GST Council announced applicable rate of 5% today from 18% earlier

To much relief in the gold jewellery and diamond processing industry, the goods and services tax (GST) Council slashed the applicable rate on making charges from the 18 per cent decided earlier to five per cent.

While announcing the decision along with similar reduction on GST rate on various other products and services, Union Finance Minister Arun Jaitley said, “The GST Council has received 133 representations. An officers’ committee made recommendations after studying these representations. Thus, the GST Council has reduced the tax levels in 66 out of 133 cases…The