3/10/2017 GSTCouncileyes16%levyongoldjewelleryand4%onbullionTheEconomicTimes

ETHome Markets Commodities SearchforNews,StockQuotes&NAV's

SENSEX NIFTY50 GOLD(MCX)(Rs/10g.) USD/INR DownloadET CHOOSE

04:05PM|09MAR CREATE LANGUAGE
PORTFOLIO MARKETSAPP
MARKETSTATS 28,929 27.19 8,927 2.70 28,453 176.00 66.71 0.03 ENG

GSTCouncileyes16%levyongoldjewelleryand4%on
bullion
ByRamSahgal,ETBureau|Updated:Oct20,2016,11.43PMIST PostaComment

MUMBAI:TheGoodsandServicesTaxCouncil,whichwilldecidetheGSTrates,has AssemblyElections2017:
discussedlevying16%GSTrateongoldjewellery,cuttingcustomsdutyongoldto2%from ExitPolls:NostoppingModiinUP,Rahulbrings
Akhileshdown
10%,andlevying4%GSTongoldbullion,twopersonsprivytothediscussionstoldET.

Ifimplemented,abuyerofgoldjewellerywillenduppayingaround6percentagemoreby
wayoftaxasatpresentthetotaltaxcomestoaround12.5%,buttheproposalwill
discouragesmugglingasthecosttoimportgoldwillfallby4percentagepointsto6%4%
GSTand2%customsduty.ThemovewillensuretheCentrewillnotsufferanytaxlosswhilestateswillgetmuchmorethanthepresent
1%VATongold.Here'show.

TheCentrecurrentlygets10%throughcustomsduty.Ifdutyiscutto2%andGSTof4%isleviedongold,halfoftheGSTwillgotostates
andCentregetsatotalof4%2%GSTand2%customs.Andwhenstatescollect12%GSTongoldjewellery(adjustingforinputcredit)
revenuesharingwillenabletheCentretogethalf,or6%.So,theCentrewillcontinuetoget10%bywayoftax."Jewellerybeingaluxury
item,you'regoingtohavetopaymoretobuyit,"saidoneofthepersonscitedearlier.

"It'slesserifyoubuya(gold)barora(gold)biscuitwhichmeansthatholdingasafinancialvehiclewillcostyouless,"thepersonsaid.

StayontopofbusinessnewswithTheEconomicTimesApp.DownloaditNow!

LiveMarket News Portfolio Mobile LiveTV Newsletter Commodities Speed QnA Blogs Alerts RSS

OtherTimesGroupnewssites Livingandentertainment HotontheWeb Services

TimesofIndia | Timescity | iDiva | Zoom | LiveExitPolls2017 | Mayawati ads2book | Gadgetsnow | FreeBusinessListings
| MumbaiMirror Luxpresso | Gaana | Happytrips | AkhileshYadav | IncomeTax Simplymarry | Astrospeak | Timesjobs | Magicbricks | Zigwheels | Timesdeal |
Cricbuzz | GetSmartapp calculator dineout | Filmipop | Remit2india | Gaana | Greetzap | Techradar | Alivear |
TimesNow | Indiatimes
IncomeTaxSlabs | Sensex GooglePlay
| Elections2017
| Lifehacker
Networking

Gizmodo | Eisamay | IGNIndia itimes | MensXP.com

NavGujaratSamay

Aboutus / Advertisewithus / TermsofUse&GrievanceRedressal / PrivacyPolicy / Feedback / Sitemap / CodeofEthics / / Disclaimer Copyright2017Bennett,Coleman&Co.Ltd.Allrightsreserved.

http://economictimes.indiatimes.com/markets/commodities/gstcouncileyes16levyongoldjewelleryand4onbullion/printarticle/54965188.cms 1/1