Stakeholders Call for Further GST Simplification and Tax Relief Ahead of Budget 2026

Ahead of the Union Budget 2026-27, stakeholders including industry bodies and the gems and jewellery sector are urging further simplification and reforms in the Goods and Services Tax (GST) system. Despite GST 2.0's rollout and digitisation efforts, small and medium enterprises face complex compliance, cash flow challenges from input tax credit delays, and frequent policy changes causing uncertainty. The gems and jewellery industry specifically seeks GST rate reductions and tax relief to ease working capital pressures and boost demand, alongside calls for clearer policies and streamlined compliance.