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Home / Metal News / Govt clarifies about 5 percent GST on Gold, Silver Rakhis

Govt clarifies about 5 percent GST on Gold, Silver Rakhis

Aug 7, 2017 10:10

Source:Scrap Register

India has announced that Rakhi will not be charged with the Goods and Service Tax (GST) as the Cotton thread is used for Rakhi.

INDIA August 04 2017 4:06 PM
MUMBAI (Scrap Register): Ahead of the festive season of Rakhi in India, the government has announced that Rakhi the sacred thread that women tie on the wrist of their brothers on the day of Raksha Bandhan, will not be charged with the Goods and Service Tax (GST) as the Cotton thread is used for Rakhi.

However the Cotton thread used Rakhi will not be charged with GST, but the one with Gold and Silver rakhis will be charged with 5 percent GST.

The government also clarified that the Bengali sweet, sandesh will also be charged with 5 percent GST whether it contains chocolate or not, which clears a confusion over tax treatment of sweets that contain other substances.

The industry wanted clarification on tax rate on sweets containing chocolate, which attracts 28% GST.

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