Non-ferrous

Non-ferrous

Base Metals

Rare Earth

Scrap Metals

Minor Metals

Precious Metals

Ferrous Metals

Ferrous Metals

Iron Ore Index Iron Ore Price Finished Steel Coke Coal Pig Iron Silicon Steel

New Energy

New Energy

Solar Lithium Cobalt Lithium Battery Cathode Precursor and Material Anode Materials Artificial Graphite Diaphragm Electrolyte Other Materials Chemical Compound Lithium-ion Battery Used Lithium-ion Battery Sodium-ion Battery Hydrogen Energy Energy Storage

Price Center DatabasePro Reports Events Car Insight

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.

india gold demand

gold prices

GST

For queries, please contact William Gu at williamgu@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

GST impact on Gold not as negative as had been feared

India’s gold imports held up better last month than many thought, said Commerzbank.

time

Aug 10, 2017 17:41

GST impact on Gold not as negative as had been feared

India drives 8% surge in gold jewellery demand in Q2:WGC

The recently published ‘Gold Demand Trends Q2 2017’ report has indicated that global demand for gold jewellery surged higher during the second quarter of the current year.

time

Aug 7, 2017 15:39

India drives 8% surge in gold jewellery demand in Q2:WGC

Indians start buying more Gold from Dubai after GST

After the introduction of Goods and Service Tax (GST) Gold players were afraid of how will it affect the players to import Gold.

time

Jul 20, 2017 18:26

Indians start buying more Gold from Dubai after GST

India’s 2017 Gold demand likely to be around historic averages

UBS looks for gold to continue drawing support, commenting that the metal’s ability to hang onto recent price levels is encouraging.

time

Jul 20, 2017 14:59

India’s 2017 Gold demand likely to be around historic averages

What impact will GST have on Indian gold sector?

India is all set to roll out the biggest tax reform in its history.

time

Jun 30, 2017 18:57

What impact will GST have on Indian gold sector?

GST puts organised jewellery retailers on a strong platform

The Goods and Services Tax (GST) regime will provide a fillip to organised jewellery retailers by weaning business away from the unorganised players.

time

Jun 30, 2017 18:55

GST puts organised jewellery retailers on a strong platform

World eyes on Goods and Service Tax on bullion by India

The Goods and Services Tax Council, which will decide the GST rates, has discussed levying 16% GST rate on gold jewellery, cutting customs duty on gold to 2% from 10%.

time

May 26, 2017 18:40

World eyes on Goods and Service Tax on bullion by India

Commerzbank: Chinese, Indian Demand Figures Pick Up

Recent data reflect a pickup in gold demand in China and India, reports Commerzbank.

time

May 2, 2017 16:17

Commerzbank: Chinese, Indian Demand Figures Pick Up

What are the factors to drive Indian Gold demand?

HSBC sees potential for Indian gold buying to pick up, and Commerzbank said a slump in the country’s gold purchases already appears to be abating.

time

Dec 15, 2016 15:03

Silver Manipulation Growing; Plantiffs Wanting To Add More Banks To Lawsuit

Swiss Bank UBS might not be off the hook and could be back in court with four other new banks in an ever-evolving lawsuit that alleges manipulation of gold and silver prices during the daily fix.

time

Dec 9, 2016 11:32

SMM Events & Webinars

Apr
09
- NET ZERO MEA - Solar & Energy Storage
  Apr 09 - 10,2025
  MARRIOTT HOTEL AL JADDAF, DUBAI, UAE
Apr
09
- 2025 SMM (20th) Lead & Zinc Conference and Industry Expo
  Apr 09 - 11,2025
  To promote the sustainable development of lead and zinc industry to build a high-end, professional, pragmatic exchange p
  Nanjing · Jiangsu ·China
Apr
16
- CLNB 2025 (10th) China International New Energy Industry Expo
  Apr 16 - 18,2025
  Suzhou International Expo Center, Jiangsu, China

MOST POPULAR

1.China Lithium Market Dynamics and Lithium Procurement Study

2.Battery Recycling Technology Understanding

3.Solid State Battery Market

4. China Scrap Steel Quality Analysis

5.China Scrap Steel Cost Curve

Shanghai Metals Market

Privacy Policy Compliance Centre SMM Credit Service Contact Us About Us Terms & Conditions Sitemap Holiday Pricing Schedule

Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher.

Drop us a line

service.en@smm.cn

How can we help you?

+86 021 5155-0306

Live chat via WhatsApp

Copyright © 2024 SMM Information & Technology Co., Ltd. All rights reserved.