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How will GST impact gold and gold jewellery price?
Goods and Services Tax (GST) on gold is set to 3% which means for a 100 rupee gold purchase you have to pay 3 rupees extra as GST and your total bill amount will be 103 rupees. Later, if you plan to sell the gold and we assume that the gold rate remains unchanged you will get 100 rupees back but the GST you paid is lost at the customer end.
For GST charges on gold jewellery - earlier jewellery making charges or labour charges were exempted from service tax but under GST no such exemption exists and hence jewellery making (especially hand-made jewellery) will attract 18% tax like all other services.
As 18% additional service tax has to borne by the end user and will severely impact the customer (increasing gold jewellery price) the government is reconsidering the implementation mechanism for GST on similar cases. The 18% tax impact on jewellery making charges is expected to be tentative and may change as there's more information and clarity on GST rules and application.
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