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GJEPC addresses key GST issues at DGGST meeting

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GJEPC participated in the Directorate General of Goods and Service Tax (DGGST) West Zone Samvad meeting at the office of the Principal ADG DGGST in Mumbai on 27 November 2025. The session focused on addressing GST challenges faced by the gem and jewellery sector and aligning with the Government’s efforts to strengthen Ease of Doing Business.

The GJEPC delegation included Mital Doshi, Convener BITC; Laxmisha Shetty, Director Accounts and Finance; Sudhir Patil, Manager Trade, Policy and Projects; and Supreme Kothari, Partner, Economic Laws Practice.

The team met Additional Director General Priya Goel and senior DGGST officers, presenting key concerns such as the need to rationalise the Export against supply by Foreign Buyer scheme and issues arising from alleged ITC reversal demands under Section 17(5)(h) related to process loss and wastage.

Officials took a positive view of the issues raised and asked the Council to submit detailed written representations backed by industry data and legal reasoning. GJEPC will file these submissions shortly.

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Gold and Silver Prices Drop Post-Dussehra On Stronger US Dollar

Precious Metals Dip On Strengthening US Dollar, Persistent Global Inflation Concerns, and Shifting Interest Rate Expectations —

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Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Wednesday following the Dussehra festival, pulled down by a strengthening US dollar, persistent global inflation concerns, and shifting interest rate expectations from the US Federal Reserve.

​Gold futures fell by Rs 223 to trade at Rs 1,46,296 per 10 grams on the MCX, mirroring weak sentiment across overseas bullion markets. Silver experienced a sharper decline, tumbling by Rs 1,373 to trade at Rs 2,10,112 per kilogram.

​Market Summary

​Gold (MCX): Down Rs 223 at Rs 1,46,296 per 10 grams.​Silver (MCX): Down Rs 1,373 at Rs 2,10,112 per kilogram.

​Global Benchmark: Both metals traded weaker across international exchanges as the US dollar gained strength.

​Primary Drivers: A firm US dollar index, sticky global inflation concerns, and hawkish signals surrounding the US Federal Reserve’s rate trajectory continue to exert downward pressure on precious metal valuations post-festive demand.

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