GST rate on gems and jewellery should be 1.25%, says industry body

Ahead of the rollout of Goods and Services Tax from July, an industry body on Tuesday urged the government to keep the levy on gems and jewellery at 1.25% as against the present VAT and excise duty rates of 1% each. While states are passing the necessary legislation for the new tax regime, the GST council is scheduled to finalise the rates for individual items at a meeting on May 18-19, to pave th…