MUMBAI: Jewellery exporters have welcomed the Government's decision to exempt 3 per cent of integrated goods and services tax (IGST) on gold sourced from nominated agencies, effective January 1.

“We commend the Government’s decision on 3 per cent IGST exemption on gold sourced from nominated agencies,” said Pramod Kumar Agrawal, chairman of Gem & Jewellery Export Promotion Council. The GST Council felt the need to exempt intra-state supply of gold by nominated agencies, in public interest under the scheme for ‘export against supply by nominated agency’.

“We are also expecting a similar relief to the exporters of articles of silver and platinum very soon,” Agrawal added.