Gold and Jewellery stocks hog the limelight; GST lower than expected
DSIJ Intelligence / 05 Jun 2017
As the GST council announced a tax rate of 3 per cent on gold and jewellery segment, lower than the expected tax rate of about 5 per cent, the gold and jewellery stocks soared on the bourses.
The prevailing rate of tax on the gold jewellery industry was 2-2.5 per cent, until the imposition of the new GST tax.
However, the gold and jewellery industry will still be subjected to the present import duty of 10 per cent over and above the GST tax rate, keeping the total tax on gold and jewellery high.
Titan Company touched a 52-week high of Rs 524 on the BSE in early trade on June 5, 2017. Meanwhile, PC Jeweller quoted Rs 570 at 12:15 hrs IST, up by over 13 per cent percent on the BSE.
Tribhovandas Bhimji Zaveri, on the other hand, traded at Rs 101.20, up by nearly 9 per cent on the BSE. Gitanjali Gems was trading at Rs 71.90, up by 7.2 per cent on the bourses at 12:15 hrs IST on June 5, 2017.
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