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Diamantaires in Surat call for bandh against GST on June 17
GST Council has imposed 3 per cent GST on polished diamonds.
By: Diamond World News Service
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Jun 16 2017 12:35PM
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Reference: 15294  

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The diamond manufacturers, brokers and merchants in Surat have decided to shut the industry for a day on June 17, demanding exemption of the polished diamonds from the 3 per cent Goods and Service Tax (GST), says reports.

Reports further state that a committee has been formed, collectively by the manufacturers, brokers and merchants against the GST council's decision to impose 3 per cent GST on polished diamonds.

There are reportedly around 4,000 diamond units, more than 5,000 brokers and over 2,000 merchants operating in the diamond hub of Varachha, Katargam and Mahidharpura. The daily turnover of polished and rough diamonds is pegged at over Rs. 700 crore.

The committee members led by the president, Nand Lal and Jeram Kalasia will make representation to the Surat Diamond Association (SDA) regarding their demands on GST exemption on polished diamonds on Friday.

As told to TOI, President of Surat Diamond Association (SDA), Dinesh Navadia said, "We are very much concerned with the GST rates for the diamond industry. The profit margins are very thin and the huge tax rates will only collapse the industry. We are going to Delhi on June 18 to represent the issue to the GST council members and the Union finance minster."

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