PANAJI
Pramith Raikar, president, Goa Gold Dealers Association, said, “Definitely, there will be an increase in price of jewellery to the extent of 2% once GST gets implemented from July 1.”
When asked if price increase will impact demand, Raikar replied, “In short run, there will be some impact on the demand of jewellery. But, in the long run, I don’t think there will be an adverse impact on the demand of jewellery.”
Vikram Verlekar, a jeweller said, “There will be 3% GST on jewellery. In addition to that, there will be 5% GST on the making of jewellery too.”
In case, a jeweller gives gold to a goldsmith for manufacturing jewellery, a GST of 5% will be applicable on the making charges of goldsmith. Over and above that, there will be 3% GST on the finished jewellery.
Due to this, there could be a case that the jewellery prices may go up by more than 2% as well because there will be a 5% GST on making. It remains to be seen if jewellers will be able to take input-tax-credit for 5% GST on making charges.
Fan makers worried for 28% GST on fans
KOLKATA: The Rs 6000 crore Indian fan industry has expressed concern over GST rate at the highest bracket of 28 pc on its product and urged the government to revise the same to 12 pc. “We have been urging the government for 12 per cent GST as fans are products of mass consumption and not of luxury. But government has put fans in the 28 per cent tax bracket,” The Indian Fan Manufacturers Association chairman Rohit Mathur told PTI.
The apex industry body represents the fan manufacturers in India comprising of leading branded fan manufacturers such as Usha, Bajaj, Crompton, Havells, Orient, Anchor, Ortem, Surya, Luminious, Polar and Anchor.
The immediate cost impact on fan will vary between three to eight per cent depending upon whether the manufacturing unit is located in excisable or excise-free zones if GST rate is not eased and benefit of special zones are not been passed on in the new tax regime, Mathur said.
Total annual fan industry is worth Rs 9000 crore of which organised sector account for Rs 6000 crore. PTI
