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GST Slab 3% for Gold
Posted on: 04/Jun/2017 4:10:50 PM
As per the GST system to be implemented shortly, the footwear costing below Rs. 500 will be taxed at 5%. The rest will have 18% GST.
Gold will have GST of 3%, where as the gold biscuits will have 18% GST.
Presently, the footwear in the price range Rs. 500 to Rs. 1000 are charged an excise duty of 6%. The states add VAT.
As per the new GST, it has been decided that the readymade clothes will have 12% and cotton cloths will have 5%. Beedis will have 28%.
GST will be implanted from 1st July.
Under this, the present practice of 16 different taxes all over the country are all withdrawn and a single uniform GST will be adapted.
