GST has been reduced considerably on important items related to kitchen and life of common people. Some items have been excluded from the purview of GST, while some goods were placed under the purview of 5 percent GST. There is a special tax slab of 40 percent on luxury, premium and syn products. But there is also a stuff that does not come under the purview of these slabs. That is gold. Even after the GST reform, GST is still only 3 percent on the value of gold. This is the only item on which 3 % GST is applicable.
Experts believe that the industry felt that the GST on the making charge of gold jewelery would increase. But it was not seen. Due to which GST reform and new slab were announced, gold prices collapsed. Let us also tell you how much GST is imposed on gold and jewelery and what kind of effect is being seen after the GST announcement.
There is no change in GST on gold
There has been no change in the GST on gold and its jewelery. 3 % GST on gold value is still maintained. Also, 5 percent on the making charge is still maintained. It was expected that the making charge would be kept either 28 percent or 40 percent. But it was not seen. Due to which the price of gold is also seen in the country’s futures market. According to experts, GST is taken separately on the value of gold. Because this product is imported. Due to being expensive, GST has been kept low on it. But making gold jewelery makes in our country. GST is applied separately on that makeing. Which is currently 5 percent. There has been no change on this.
What was being estimated?
Or weld research director Anuj Gupta said that earlier experts had estimated that GST would be increased on the value of gold, not on the value of gold. It was estimated that the making charge on gold jewelery could also be brought in a special category of 5 to 18 percent or 40 percent. This was also a reason, due to which there was a continuous increase in gold prices in the capital Delhi. Gold prices became expensive by about 7,000 rupees during 8 business days. On Monday too, there was a big increase in gold prices in the Delhi Bullion Market. By the way, there were other important reasons for the rise in gold prices.
Broken gold and silver prices on Thursday
By the way, there has been a big fall in gold prices in Delhi, the capital of the country. According to the data of Delhi bullion market, the price of gold has seen a decline of Rs 1000. After which prices came to Rs 1,06,070 per 10 grams from Life Time High. On Wednesday, gold with 99.9 per cent purity was at a record level with Rs 1,07,070. At the same time, gold with 99.5 percent purity was also seen to fall and on Thursday it fell by Rs 1,05,200 per 10 grams (including all taxes). According to the All India Bullion Association, it closed at Rs 1,06,200 per 10 grams in the last market session.
Silver also slipped from its record level due to profits at high levels by investors. On Thursday, this white metal fell by Rs 500 to Rs 1,25,600 per kg (including all taxes). In the last session, it closed its all -time high level at Rs 1,26,100 per kg. In the foreign market, the price of gold also declined after the historic height touched. The precious metal fell by $ 39.61 or 1.10 percent to $ 3,539.14 an ounce. On Wednesday, in New York it touched an all -time high level of $ 3,578.80 an ounce. The spot silver was trading at $ 40.93 an ounce with a decline of 0.70 per cent.
What are you saying
According to experts, after a recent surge, gold prices fell by more than 1 percent due to profit booking. However, before the release of major American macro economic data, including private payroll and weekly unemployment claims, prices have reached around $ 3,540 per ounces. Kayanat Chanwala, AVP Commodity Research of Kotak Securities, said that the US employment report on Friday is expected to show lethargy in payroll growth for the fourth consecutive month. If the figures come weak than the estimate, the chances of further cuts by the US Federal Reserve may increase by the US Federal Reserve.