{"id":2989,"date":"2018-04-16T13:20:05","date_gmt":"2018-04-16T07:50:05","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=2989"},"modified":"2019-09-25T17:42:10","modified_gmt":"2019-09-25T12:12:10","slug":"goods-services-tax-gst-gold","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/goods-services-tax-gst-gold\/","title":{"rendered":"Goods and Services Tax &#8211; GST on Gold"},"content":{"rendered":"<p>The price of gold following the adoption of the Goods and Services Tax (GST) regime has seen some fluctuations. Analysts were apprehensive that the tax would lead to a decline in demand for gold due to the high incidence of taxation. The GST on gold was fixed at 3%, with an additional 8% tax levied on making charges. The <a href=\"https:\/\/www.antworksmoney.com\/blog\/income-tax-slab\/\"><strong>tax<\/strong> <\/a>on the making charge was then reduced to 5% due to concerns raised by various groups.<\/p>\n<h2>GST on Gold Purchase<\/h2>\n<p>The tax slabs were announced on June 3rd, 2017 and gold will be taxed at a rate of 3%. In other words, all gold and gold-related jewelry would be taxed at a flat rate of 3%, which would be borne by the end consumer.<\/p>\n<h2>GST on Gold Making<\/h2>\n<p>In addition to this, the government has also levied a 5% tax on making charges. At present, there is no tax on making charges, which account for close to 12% of the actual cost of the gold.<\/p>\n<p>The tax on making charges was initially fixed at 18%, but appeals from Indian jewelry councils and bodies to reduce the rate resulted in the government fixing it at the present 5%.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of gold following the adoption of the Goods and Services Tax (GST) regime has seen some fluctuations. Analysts were apprehensive that the tax would lead to a decline in demand for gold due to the high incidence of taxation. The GST on gold was fixed at 3%, with an additional 8% tax levied &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/goods-services-tax-gst-gold\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Goods and Services Tax &#8211; GST on Gold&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2989","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Goods and Services Tax (GST on Gold) - Antworks Money<\/title>\r\n<meta name=\"description\" content=\"The GST on gold was fixed at 3%, with an additional 8% tax levied on making charges. 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