INDIA June 05 2017 4:00 PM
MUMBAI (Scrap Register): With the start of July, India will be having a nationwide sales tax of 3 percent on gold and gold jewelry, as per GST council.
“This may be an opportune time for the government to cut the import duty and bring down the total tax on gold significantly so unauthorized imports are totally eliminated and the industry embraces transparency in letter and spirit under GST,” Somasundaram PR, World Gold Council’s managing director for India.
With the introduction of new sales tax, the Indian consumers will have to pay 13 percent of tax which includes 10% import duty and 3% GST, currently the tax is around 12.5 percent.
The 3% Goods and Services Tax (GST) will also apply to silver and processed diamonds. The council is all set to meet once more before introducing the GST in order to review the rates.