Impact of GST on Gold Rates

[Karthik Ramanathan]

1. What will be the impact on Gold rate at market after introduction of GST?

2. What will be the impact for the banking institution for already mortgaged gold loans ?

[Rajagopalan Ranganathan]

Sir,

1. As per GST RATE SCHEDULE [As per discussions in the GST Council Meeting held on 3rdJune, 2017] Gold (including gold plated with platinum) unwrought or in semi manufactured forms, or in powder form is leviable to GST @3%.

2. Instructions or procedure in this regard is awaited from the Government/GST Council.

[Karthik Ramanathan]

ok sir. thank you for the information.

AI Summary

Impact of 3% GST on Gold Rates and Banking Institutions with Mortgaged Gold Loans Discussed A discussion forum addressed the impact of the Goods and Services Tax (GST) on gold rates and banking institutions with mortgaged gold loans. A participant inquired about the market effects of GST on gold and its implications for banks. A respondent clarified that gold, including gold plated with platinum, is subject to a 3% GST as per the GST Council's meeting. However, further instructions or procedures from the government or GST Council are still pending. The inquirer acknowledged the response with thanks.