Gold jewellery such as thali (mangalsutra) and silver baubles like anklets, waist belts and toe rings were not subject to value added tax and sales tax before GST.
However, after July 1st, GST (Goods and Services Tax) is applicable to the same. Hence, members of the Madras Jewellers and Diamond Merchants’ Association (MJMDA) have expressed their concerns over the same to the CM of Tamil Nadu.
According to the jewellers, since the implementation of GST, the sales of gold has decreased by 20% reports The Hindu. The price fluctuations and the general volatility in the market has led the sales to be dull.
Upon hearing the petition, the CM has given assurance to the jewellers that the same would be voiced out to the GST Council.