Live Markets »News & Advice»Latest Stories»Latest Stories Details
Latest Stories Details
Back

GST on gold deferred as consuming and producing states spar over rates

Rajesh Bhayani/Mumbai 20 May 17 | 02:36 AM

The Goods and Services Tax (GST) Council deferred on Friday a decision to June 3 on the rate for gold, following unresolved differences between consuming and producing states.

The former wanted a two per cent GST on jewellery, while other states were okay with five per cent. The Council had proposed four per cent as a consensus but a decision could not be taken.

Related Stories

    No Related Stories Found
Widgets Magazine

At present, one per cent is the effective excise duty, while valued added tax (VAT) is 1-1.25 per cent in most states. In Kerala, it is five per cent but under a composite scheme which most jewellers have been opting for, the effective rate is 1.25 per cent.

The All India Gems and Jewellery Trade Federation had proposed 1.25 per cent; Indian Bullion and Jewellers Association had proposed  2.25 per cent, combining VAT and excise duty. The industry is paying 10 per cent customs duty for imported gold.

Widgets Magazine

Sensex

Company Price Gain (%)
Power Grid Corpn205.301.84
Sun Pharma.Inds.543.950.97
Wipro256.850.86
ICICI Bank291.500.71
Dr Reddy's Labs2,642.500.50

Poll

What do you think the impact of GST on the cost of living will be?



Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine