Gems & jewellery trade almost ready with its GST software
The gems and jewellery trade has almost completed the development of the software needed for GST implementation slated to put into effect from July one this year. "The software development for GST implementataion in the gems and jewellery trade is almost complete. Now the jewellers across the country would be educated about the various aspects of the software through webinars," Nitin Khandelwal, chairman of Gems and Jewellery Trade Federation told reporters here today.
The federation welcomed GST but at the same time expressed concern about some aspects, which if not addressed would affect the entire industry. The trade had sought a GST levy of 1.25 per cent. "If the rate is fixed above that, then there will be chaos and non-compliance. We are still discussing the issue with the government." The other concern was that the `karigars' (workmen) were required to register with GST if they receive Rs 20 lakh per year.
"We are demanding that the limit be raised to Rs 50 lakh per year," he said. About adoption of digitalisation by the trade, he said that 75 per cent of the transactions had shifted to the digital mode and the balance was in cash. The trade had also urged the government for waiver of charges on transaction made through debit or credit cards. The industry had organised a three-day networking meeting of preferred manufacturers of the country here.