00:00The government can reduce the GST on gold jewellery and its announcement can be made in the Union Budget 2025.
00:10Finance Minister Nirmala Sitharaman will present the Union Budget on 1 February 2025.
00:15The Jameson Jewellery Industry has demanded the government to reduce the GST on jewellery.
00:19The industry says that the gold prices are continuously increasing.
00:22Tax is also increasing.
00:24If the government reduces the GST on jewellery, it will increase people's interest in buying gold.
00:30Let's know more details about this in the video.
00:33All India Jameson Jewellery Domestic Council, i.e. the chairman of GJC, has said that we have demanded the government to change the tax rate.
00:42He further said that the increase in gold prices has increased the burden of GST on both the industry and the customers.
00:50GJC has demanded the government to reduce the rate of GST on gold jewellery by 1%.
00:55Now the rate of GST is 3%.
00:58The industry says that if the government announces it in the Union Budget on 1 February 2025, then it will give a lot of relief to the customers.
01:06And with this, tax compliance will also increase.
01:09He said that the retail prices of gold jewellery will be reduced due to the decrease in the rate of GST.
01:14Especially in rural areas, the sale of gold jewellery will have a lot of effect.
01:18With the increase in compliance, the government's revenue will also increase.
01:21The industry has also demanded that the rates of GST on diamonds sold in the lab should be reduced.
01:27The industry says that now the rate of GST on natural and lab-grown diamonds is the same.
01:32The government should keep the GST rate of lab-grown diamonds low.
01:36GJC has asked the government to create a separate ministry for the jewellery sector.
01:41GJC's vice chairperson says that the government has asked for EMI on jewellery.
01:47This is a very old demand of the industry.
01:49In addition, the government needs to make the gold monetization scheme attractive.
01:53This can be used to buy useless gold in houses.
01:57The government will have to reduce the import of gold.
02:00And every year, the government has to import a large amount of gold.
02:04On this, a lot of foreign currency.
02:06The government will have to reduce the import of gold.
02:09Because every year, the government has to import a large amount of gold.
02:13And on this, a lot of foreign currency is also spent.
02:16Now what do you need to know?
02:18Do you have to buy jewellery now or do you have to wait?
02:22So see, if you are also going to buy gold jewellery, then you can wait until the budget.
02:27The government can indicate the lack of GST in the budget.
02:30However, the decision to reduce GST on gold jewellery will be taken by the GST Council.
02:35It may take a little more time.
02:37The decision to reduce or increase GST on any product is taken by the GST Council.
02:42All the finance ministers of the states are included in this.
02:45The reason for this is that the direct effect of the change in the GST rate on any product depends on the revenue of the states.
02:52So in this case, if you are thinking of buying any type of jewellery, then you should wait a little.
02:57Because it is possible that there may be some indication about this in the budget.
03:01That's all in the video.
03:02What are your expectations from the budget?
03:04Do tell us by commenting.
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