Industry

Old gold, jewellery to attract 3% GST

A panel of State Finance Ministers veered around to agree on a proposal to levy 3% GST on sale of old gold and jewellery to check tax evasion, Kerala Finance Minister Thomas Isaac said.

The Group of Ministers (GoM) also decided to implement the e-way bill system for transportation of gold within a State.

Mr. Isaac said on Friday that the GoM arrived at a consensus on bringing sale of old gold within the GST ambit under reverse charge mechanism (RCM). “Sale of old gold will attract GST at 3% under RCM.” This would check tax evasion as most smuggled gold is sold as old jewellery to evade GST.

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Printable version | Sep 24, 2020 9:28:01 PM | https://www.thehindu.com/business/Industry/old-gold-jewellery-to-attract-3-gst/article32364744.ece

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