{"id":23,"date":"2017-04-11T10:13:37","date_gmt":"2017-04-11T10:13:37","guid":{"rendered":"https:\/\/www.microvistatech.com\/blog\/gst-may-make-gold-costlier\/"},"modified":"2023-06-21T10:00:59","modified_gmt":"2023-06-21T10:00:59","slug":"gst-may-make-gold-costlier","status":"publish","type":"post","link":"https:\/\/www.microvistatech.com\/blog\/gst-may-make-gold-costlier\/","title":{"rendered":"GST may make gold costlier"},"content":{"rendered":"<p class=\"kl-iconbox__desc\" align=\"justify\"><b>KOLKATA: <\/b>Gold may become costlier for Indians if the government accepts chief economic advisor Arvind Subramanian&#8217;s suggestion to put the yellow metal in the 12% tax bracket under GST.<\/p>\n<p class=\"kl-iconbox__desc\" align=\"justify\">With an import duty of 10%, tax on gold may turn out to be 22%, which will reduce its consumption in the physical form in the second largest gold consuming nation in the world.<\/p>\n<p class=\"kl-iconbox__desc\" align=\"justify\">At present, gold attracts an import duty of 10%. In addition, there is a VAT of 1% and an excise duty of 1%.\u201cFor a healthy development of trade, <a href=\"https:\/\/www.microvistatech.com\/gst-software\" target=\"_blank\" rel=\"noopener\">GST<\/a> and import duty combined should not cross 12%; ideally, it should be in the range of 1012 %,&#8221; Shekhar Bhandari, business head for global transaction (banking and precious metals), Kotak Mahindra Bank, told ET.<\/p>\n<p class=\"kl-iconbox__desc\" align=\"justify\">Late last year, there was agreement on five broad GST slabs -0 (the exempted category), 5%, 12%, 18%, and 28%. While retailers and jewellers want the government to peg GST at 1.25%, keeping the customs duty intact at 10%, manufacturers and bullion dealers want a 6% GST and an import duty of 6%. Surendra Mehta, national secretary, India Bullion &amp; Jewellers Association, reckons that import duty should be at 6% and GST should be 6%.<\/p>\n<p class=\"kl-iconbox__desc\" align=\"justify\">\u201cIf the tax incidence remains high, then there&#8217;s a propensity among people to evade tax. And that results in entry of gold through the illegal route which no government would like. Smuggled gold affects trade too,&#8221; Mehta explained.<\/p>\n<p class=\"kl-iconbox__desc\" align=\"justify\">Gold demand in the country fell 21.2% last year from the year before to 675.5 tonnes, according to a World Gold Council (WGC) report.<\/p>\n<p><a href=\"http:\/\/economictimes.indiatimes.com\/markets\/commodities\/news\/gst-may-make-gold-costlier\/articleshow\/58041530.cms\" target=\"_blank\" rel=\"noopener\">http:\/\/economictimes.indiatimes.com\/markets\/commodities\/news\/gst-may-make-gold-costlier\/articleshow\/58041530.cms<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KOLKATA: Gold may become costlier for Indians if the government accepts chief economic advisor Arvind Subramanian&#8217;s suggestion to put the yellow metal in the 12% tax bracket under GST. With an import duty of 10%, tax on gold may turn out to be 22%, which will reduce its consumption in the physical form in the &hellip; <a href=\"https:\/\/www.microvistatech.com\/blog\/gst-may-make-gold-costlier\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GST may make gold costlier&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":24,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-23","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>GST may make gold costlier<\/title>\r\n<meta name=\"description\" content=\"GST may make gold costlier. At present, gold attracts an import duty of 10%. 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