Effects of GST on Gold Sales  

by Business | 07-07-2017 | 297 views

 The effects of GST have also hit the gold sales in India. India ranks 2 in the consumer of Gold. The precious metal is used for everything from wedding gifts to investments and it is expected that it will prove challenging to small scale artisans and retailers. As per the GST, the tax on gold has jumped from 1.2% to 3% and as a result it is feared that more gold might be smuggled into the country by illegal means. This sudden increase would mean that gold shoppers would now buy smaller amounts of the metal over several transactions or could encourage a sudden push from the underground black market. It is expected that India’s annual gold estimate this time around would be less than 750 tons, compared to its usual 850 tons in the past years.

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