“Currently, gold jewellers pay 1 % excise and 1.2 % VAT over and above the 10 % customs duty. This effectively works out to 12.43 %. With the introduction of GST at 3 % for gold and 18 % for making charges, and keeping customs at 10 %, the effective rate comes to 15.67 %. So, the effective price escalation on gold jewellery comes to 3.24 % points. This is still a win-win for gold jewellers; they would not have expected anything better than this, after the chief economic advisor's report of Rs 10,800-crore subsidy on gold.” Surendra Mehta, National Secretary, India Bullion and Jewellers Association
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