GST unlikely to affect Indian Gold jewelery demand-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Market commentary
  • Production data
  • Macroeconomics
  • Aluminium
  • Morning comments
  • Futures movement
  • Mengtai Group
  • Copper
  • Stainless steel
  • Nickel
  • In the United States
  • trade negotiations

GST unlikely to affect Indian Gold jewelery demand

Industry News 01:18:22PM Jun 07, 2017 Source:scrapregister

INDIA June 06 2017 3:29 PM

MUMBAI (Scrap Register): It was feared that with the introduction of GST, the gold jewelery demand will decline, but now it is believed that 3 percent GST is unlikely to have any impact on gold jewelery demand in India. 

“Gold jewelery demand is expected to be favorable over the near-term with uptick in both rural and urban demand,” K Srikumar, Vice President and Co-Head, Corporate Ratings, ICRA stated.

Currently 1 percent of tax is imposed on sales in most of the states in the country except Kerala which has 5 percent tax, which along with an excise duty of 1 percent. A duty of 10% on bullion imports and 15% on jewelery imports is also imposed. 

During 2016, the Gold demand in India declined to about 21.2 percent to 675.5 tons but increased in the first quarter of 15 percent to 123.5 tons against the total demand of 107.3 tons for the same period in 2016.

Key Words:  Gold prices 

GST unlikely to affect Indian Gold jewelery demand

Industry News 01:18:22PM Jun 07, 2017 Source:scrapregister

INDIA June 06 2017 3:29 PM

MUMBAI (Scrap Register): It was feared that with the introduction of GST, the gold jewelery demand will decline, but now it is believed that 3 percent GST is unlikely to have any impact on gold jewelery demand in India. 

“Gold jewelery demand is expected to be favorable over the near-term with uptick in both rural and urban demand,” K Srikumar, Vice President and Co-Head, Corporate Ratings, ICRA stated.

Currently 1 percent of tax is imposed on sales in most of the states in the country except Kerala which has 5 percent tax, which along with an excise duty of 1 percent. A duty of 10% on bullion imports and 15% on jewelery imports is also imposed. 

During 2016, the Gold demand in India declined to about 21.2 percent to 675.5 tons but increased in the first quarter of 15 percent to 123.5 tons against the total demand of 107.3 tons for the same period in 2016.

Key Words:  Gold prices