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Diamond industry upset over new GST rates - The News
Posted
July 4, 2017
Views
309
Likes
6
Engagement
1.94%
July 4, 2017
309
6
1.94%
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4:23Now PlayingConsumers should get ready to shell out atleast 7-8% more for their diamond jewellery. In the post GST, regime, diamond merchants will be forced to pass on the increase in costs to consumers.
The GST Council has decided to implement 3% GST on polished diamonds, 5% on diamond labour trading and 0.25% on rough diamonds. Diamond merchants are largely opposing the 5% labour tax.
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