• HOME
  • ABOUT US
  • NEWS
    • NEWS
    • GUEST ARTICLES
  • PUBLICATIONS
    • ENGLISH
      • LATEST ISSUE
      • ADVERTISE WITH US
      • SUBSCRIBE NOW
    • BOOKS
      • DEMYSTIFYING RETAIL
  • BUSINESS DELEGATIONS
  • DESIGN GALLERY
  • UPCOMING EXHIBITIONS
    • DOMESTIC
    • OVERSEAS
  • DIRECTORY
    • MANUFACTURER LIST
    • RETAILERS LIST
  • CONTACT US
 

Fin Min to propose GST rate on gold at 3%, not likely to cut import duty

26-04-2017   14:45 PM

AOJ E-NEWS: Fearing that the cut in gold import duty may make gold bond scheme less viable, some government sources told ET Now that the Finance Ministry is in favour of fixing GST rate on gold at 3% and it is not keen to cut the import duty on gold as of now.

The sources added that the industry has recommended 4% cut in import duty on gold, “Industry has asked for same rate for gold jewellery making charges under GST. It has also asked the ministry to keep incidence of the tax on gold same.” The final call on fixing the GST rate on gold will be with the PMO and not the GST council.
0
Dubbed as the biggest tax reform since Independence, GST will unify at least 10 indirect taxes into one to be collected at state and central levels. In the International Finance Discussion Paper (IFDP), the US Fed researchers said GST is an ‘inclusive policy’ that is also expected to bring down overall domestic and international trade barriers.

The main purpose for GST is to eliminate this compounding effect by fixing the final tax rate, where goods will fall into one of the four rate categories of 5, 12, 18, and 28 per cent. The unified structure is currently expected to be rolled out in July.

Meanwhile there were reports that the Commerce Ministry is planning to introduce a comprehensive gold policy, CNBC-TV18 said citing a NewsRise report. “We are mulling a new comprehensive gold policy to bring domestic and foreign gold trade rules under one roof,” a commerce Ministry official reportedly said. The official further said that the gold policy will likely suggest a gold board to oversee the gold and jewellery sector. “The Commerce Ministry will seek shareholders’ inputs on this policy by June and submit a proposal to the Finance Ministry by August,” the official added.

Courtesy- Financial Express

Share : 

Janhvi Kapoor unveils Kalyan Jewellers' 2 new showrooms in Kolkata at Barrackpore and Barasat

27-11-2023   12:50 PM

Kalyan Jewellers launched 2 new showrooms in Kolkata at Barasat and Barrackpore. Bollywood star Janhvi Kapoor inaugurated the showrooms, which will offer an unparalleled experience to patrons in a world-class...

Read More

Asia Gold Indian dealers widen discounts as wedding season demand slows

27-11-2023   12:45 PM

Top Asian hubs saw some selling of physical gold this week as people cashed in on relatively high prices, with lacklustre demand during the wedding season in India prompting dealers to offer steeper discounts....

Read More

GJC organizes Preferred Manufacturers of India – A Business-cum-Leisure event in Bengaluru from 24th to 26th November, 2023

27-11-2023   12:40 PM

All India Gems and Jewellery Domestic Council (GJC)’s ultimate fusion of business and leisure networking event – Preferred Manufacturer of India (PMI) received a roaring start with approximately 200 leading je...

Read More

Wedding sales hit as gold price touches all-time high of 63,250

27-11-2023   12:35 PM

Gold buying in the city for the upcoming wedding season starting January 15 has hit a hurdle with the price of the yellow metal touching a record high of Rs 61,540 per 10 grams. With GST, the amount becomes...

Read More

BVC becomes the first logistics company to start operations at Surat Diamond Bourse

22-11-2023   10:55 AM

In a significant move showcasing its leadership in secure logistics, BVC proudly announces the opening of its new branch at the prestigious Surat Diamond Bourse (SDB), becoming the first logistics company to i...

Read More

HRH the Crown Prince and Prime Minister launches the Jewellery Arabia and Scent Arabia 2023

22-11-2023   10:50 AM

The India Pavilion, organized by GJEPC, is making waves at the Middle East's renowned jewellery and watch event. It marks the 20th year of our participation in Jewellery Arabia, scheduled from 14th to 18th Nov...

Read More

Live Spot Gold

GOLD PRICE

Design Gallery

Videos

View More Videos
GJS - Virtual T. .
AOJ Exclusive I. .
Auspicious Aksh. .
Video Snippets. .

UPCOMING EXHIBITIONS - DOMESTIC

Jaipur Jewellery Show

December 19-22-2020 | Jaipur

View More Domestic Events

UPCOMING EXHIBITIONS - OVERSEAS

Baselworld

January 28-2-2021 | Basel, Switzerland

View More Overseas Events

FOLLOW US ON
November 2023  English Edition
Subscribe Now Print Edition
Subscribe Now Digital Edition

© 2016 AOJ Media Pvt Ltd - All Rights Reserved. | Developed by Creed Global Tech.    T & C   Privacy Policy 

Top
Close