Gold jewellery manufacturers in Coimbatore have appealed to the Union Finance Minister to reduce the GST on jewellery to 1.5% from the current 3%.
The Coimbatore district Gold Jewellery Manufacturers’ Association said in a memorandum that it will increase demand for gold jewellery. There should be e-way bill system for movement of gold jewellery within 15 km. It also sought increase of gold metal loan to 360 days, permitting transaction of ₹ 5 lakh by consumers when they buy jewellery from the current ₹ 2 lakh as the gold prices are up, and waiver of capital gains for sale of hereditary and unused gold to a registered dealer.
The Association submitted a memorandum with these demands to Finance Minister Nirmala Sitharaman during her recent visit to Coimbatore.
In another memorandum submitted to the Minister by the Tamil Nadu Weavers Associations Federation, power loom weavers sought refund of accumulated credit for weavers, which is pending for more than five years. The GST was 18 % from July 1, 2017 to October 30, 2017 and was reduced to 12 %. The GST on garments was 5 %. The accumulated input credit has not been refunded, they said.
