GST slab: 3% for gold and 18% for gold biscuits
Posted on: 05/Jun/2017 2:13:49 PM
The central government headed by Narendra Modi has proposed to introduce uniform Goods and Services Tax (GST) throughout the country while doing away with the current system of direct and indirect taxes in various labs by the different state government.
All activities regarding the finalising of GST slabs for different items have been completed. The central government has planned to implement the new GST from 1st July.
Here are the GST slabs for different items:
- A GST of 3% is proposed for gold and gold jewellery – which is one of the main reasons for the trade deficit of the country.
- The secretary of the revenue department informed that, just like gold, silver and diamond will have the GST slab of 3%.
- Biscuits, a hugely popular and largely used food item for all age-groups, will have a slab of 18% GST. It is notable that in the current system, full tax exemption was granted for the sale of biscuit below 100 kg.
- Processed diamond will have a GST slab of 3%. For the rough diamond which is uncut and unpolished, GST slab will be 0.25%.
