New Delhi: Due to the ongoing recession in the country these days, businesses is suffering to a great extent. This has affected jobs. There are reports of layoffs from some sector. The gem and jewelery industry is also involved in this episode. A crisis has arisen over the employment of people working in this recession-hit industry. People have been buying less jewelery, which will directly affect the jobs of the people. This can create employment crisis in front of skilled artisans.
In order to save the jewelery sector from getting caught in the recession, the council has demanded that customs duty rates on imported gold be reduced and GST on jewelery be reduced. In the general budget 2019-20, the customs duty on imported gold was increased from 10 percent to 12.5 percent. The rate of Goods and Services Tax (GST) on jewelery has been fixed at 3 percent.
In the erstwhile value-added tax (VAT) system, it was one percent. Shankar Sen, Vice Chairman of All India Gems and Jewelery Household Council, said that the jewelery industry is going through a recession due to low demand. This has led to the possibility of snatching employment of thousands of skilled artisans. The GJC has demanded that the government make major changes in the gold policy to save 55 lakh jobs in this sector. Sen said that the government should increase the purchase limit on PAN card from 2 lakh to 5 lakh.
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