GST on Jammu and Kashmir's handlooms, handicraft products may be cut to 5%, says Piyush Goyal
Minister Piyush Goyal on Sunday promised to recommend a reduction in the Goods and Services Tax imposed on handicrafts and handloom products to help promote the sector in Jammu and Kashmir.
Addressing the FTII: Traders Conclave - 2025 in Srinagar, the Union Minister said, "The issue of GST levied on handicrafts and handlooms was brought to my attention by two or three system delegations. I have suggested that they submit an application regarding this matter to the Finance Ministry as well as to me so that we can explore what relief can be provided. We will try to reduce the GST rate from 12 per cent to 5 per cent on these items, which would help promote the handloom and handicraft sectors -- especially in Jammu & Kashmir. We will make efforts to find a way forward in this regard."
"One of the topics raised was the need for packaging units where new designs and technologies could be introduced to better promote local products such as handicrafts, horticulture items, pashmina shawls, and handlooms," Goyal said.
The Union Minister said that Jammu and Kashmir will soon get a Centre of Excellence for Packaging and Design.
"I have directed officials to explore possibilities in collaboration with the Indian Institute of Packaging to initiate a project focused on quality packaging and design. They have been requested to identify a suitable location where this initiative can be launched at the earliest," he said
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Further, the Union Minster Goyal said that representatives have discussed setting up a Centre of Excellence (CoE) focused on storage technology, cold chain infrastructure, and encouraging startups and new talent.
"The aim is to support those shifting from traditional trades to entrepreneurship, offering assistance through innovation and research. The Centre of Excellence would work on developing new products, technologies, and even new seed or fruit varieties. I will also engage with the Ministry of Agriculture to explore how they can contribute by enhancing productivity and supporting these efforts," Goyal assured the traders of Jammu and Kashmir.
Goyal also assured that he will discuss with the
NTPC
and Solar Energy Corporation to establish a solar lighting or power generation facility in the area to help producers to export their products as a green product to get a greater prices.
Goyal also assured that he would hold discussions with Public Sector energy unit NTPC and the Solar Energy Corporation to explore setting up a solar lighting or power generation facility in the region. The initiative aims to support local producers in exporting their goods as green products, thereby enabling them to fetch better prices in international markets.
Separately, in an X post, Goyal added that a detailed discussion was held with the MSME Development Forum, Jammu-Kashmir, regarding various suggestions to promote local enterprises.
During this, measures to enhance the competitiveness of MSMEs, improve Ease of Doing Business, and connect them to the national supply chain were discussed, he added.
The Minister said he had also met with a delegation from the Kashmir Chamber of Commerce and Industry and discussed on empowering local industries, accelerating economic development, and creating a favourable environment for business.
Goyal also met with representatives of the Jammu-Kashmir Fruits and Vegetable Processing and Integrated Cold Chain Association (JKPICCA) in Srinagar.
"During this, discussions were held on strategies to sustain industrial development in the cold chain and agro-processing sectors, which are extremely important for strengthening J&K's agricultural economy and boosting exports," Goyal's X post read.
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