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Levy of 3% GST on Gold to Adversely Affect Industry

3% GST makes gold dearer

Industry experts are of the view that raising the tax incidence on gold and gold jewellery would lead to a rise in illegal gold trading as well as make jewellery costlier. Moreover, the experts believe that bringing the unorganized sector under GST purview would prove to be a bigger challenge.

Silver and gold currently attract 10 per cent import duty which would raise the duty on gold jewellery to 13% up from the earlier 12.5%.

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