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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.
Finally some good news as GST council reduced indirect tax on gold jewellery making charges from 18% to 05% starting July 01, 2017.
Earlier GST charges on gold jewellery making charges were exempted from service tax but under GST no such exemption existed and hence jewellery making (especially hand-made jewellery) was attracting 18% tax just like any other services. Considering requests from 'All India Gem and Jewellery Federation', 'India Bullion and Jewellers Association' (IBJA) and other trade representatives this tax was reduced to 05% to ease burden on jewellery buying customers. 18% GST on gold jewellery making charges would have raised tax for consumers to over 4 per cent, more than twice of what was being currently charged in the form of 01% VAT and 01% excise on jewellery.
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