Gold is more a necessity than a luxury in India3 min read . Updated: 06 Jul 2017, 04:24 AM IST
Gold consumption in India is a universal phenomenon across income classes, which explains why the GST rate on gold was fixed at just 3% and not 18%
Bengaluru: In the run-up to the implementation of the goods and services tax (GST), the chief economic adviser to the finance ministry, Arvind Subramanian, had argued that in line with other luxury items, gold should attract an 18% GST rate. However, bowing to opposition from states and industry bodies, the final rate levied on gold turned out to be much lower at 3%.
Select your Category