GST Council Imposes Tax Rate of 3% on Gold
Shital Jibhe / 05 Jun 2017
On Saturday, the Goods and Services Tax (GST) Council cleared the decision to impose GST rates on gold. The council has decided to impose GST tax rate of 3% on gold, silver, and processed diamonds.
On Saturday, the Goods and Services Tax (GST) Council cleared the decision to impose GST rates on gold. The council has decided to impose GST tax rate of 3% on gold, silver, and processed diamonds.
Bringing the unorganised gold sector into the GST ambit will be a challenge. The higher tax rate would make jewellery costlier and also may increase the chances of illegal trade of gold, the market observers said. India is one of the world’s leading gold jewellery market, followed by China and West Asia.
As against the versus current rate of 2%, the GST rate on gold is put at 3%. After GST rollout consumers will have to pay an effective duty of 13% on gold jewellery as compared to the existing import duty on gold of 10 %.
How the ‘Gems and Jewellery’ stocks react to government’s decision to impose GST on gold, silver and processed diamonds in Monday’s trading session remains to be seen.
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