Jewellery industry body urges govt to reduce GST to 1.25%

The All India Gem and Jewellery Domestic Council (GJC) on Tuesday urged the government to reduce the rate of GST (goods and services tax) to 1.25 per cent. In its pre-Budget 2022-23 recommendations to Union Finance Minister Nirmala Sitharaman, GJC has sought a cumulative GST rate of 1.25 per cent based on the revenue equivalence principle on gold, precious metals, gems and articles of jewellery ma…