Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

GST rate on gold may be fixed at 5%.


Date: 29-05-2017
Subject: GST rate on gold may be fixed at 5%
The GST Council may settle for a 5% tax on gold, a keenly awaited item for discussion in the June 3 meeting, which perhaps will be the last for fitment of rates.

Gold, at present, attracts 12% tax, including 10% import duty. If gold is kept under the 5% bracket, then the total tax incidence on gold will be 15% (10% import duty + 5% GST).

There is a wide divergence between the Centre’s and states’ view on taxing gold. While the Centre wants duty to be lowered to check smuggling, states want it to be around 5% to earn additional revenue on the yellow metal.

Traders on the other hand wish to have a sub-2% GST on gold. The All India Gems and Jewellery Trade Federation has called for a 1.25% GST, but bullion traders wish to have a lower import duty by half.

The GST Council has so far fixed five rates for various goods and services at 12%, 18% and 28%. While the rates of 1,121 items were cleared in the last council meeting in Srinagar, there was no consensus on gold.

At present, the committee of goods and services tax officials is busy holding discussions with industry and other stakeholders on gold, along with other things. But informed sources said that the council may not favour a higher than 5% GST on gold.

Higher taxes will also impact jewellery trade from India. The country may be a net importer of gold, but it is also a significant exporter of gold jewellery.

Source: deccanherald.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 18-09-2025
Corrigendum
Corrigendum to Notification No. 9/2025 – Central Tax (Rate) dated 17.09.2025

Date: 17-09-2025
Notification No. 13/2025-Central Tax (Rate)
Seeks to amend Notification No. 21/2018- Central Tax (Rate) dated 26.07.2018.

Date: 17-09-2025
Notification No. 14/2025-Central Tax (Rate)
Seeks to notify GST rate for bricks.

Date: 17-09-2025
Notification No. 37/ 2025-Customs
Seeks to amend Notification No.19/2019-Customs dated 06.07.2019

Date: 17-09-2025
Notification No. 38/ 2025-Customs
Seeks to amend Notification No.29/2025-Customs dated 09.05.2025

Date: 17-09-2025
Notification No. 39/2025-Customs
Seeks to amend Notification No.50/2017-Customs, dated 30.06.2017

Date: 17-09-2025
NOTIFICATIONNo. 15/2025 – Central Tax
Seeks to exempt taxpayer with annual turnover less than Rs 2 Crore from filing annual return.

Date: 17-09-2025
NOTIFICATION No. 16/2025–Central Tax
Seeks to notify clauses (ii), (iii) of section 121, section 122 to section 124 and section 126 to 134 of Finance Act, 2025 to come into force.

Date: 17-09-2025
Notification No. 12/2025-Central Tax (Rate)
Seeks to amend Notification No. 8/2018- Central Tax (Rate) dated 25.01.2018.

Date: 17-09-2025
NOTIFICATION No. 14/2025 – Central Tax
Seeks to notify category of persons under section 54(6).



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001