Goods and Services Tax (GST) rates on gold and silver remain unchanged after the 56th meeting of the GST Council on Wednesday.
Gold and silver will continue to attract a 3% GST on value and a 5% GST on jewelry making charges, providing clarity for bullion and jewelry traders ahead of the festive season.
The decision came as the Council approved a major revamp of the indirect tax regime, replacing the earlier four-slab structure with a simplified two-slab system of 5% and 18%.
The move marks the rollout of the Centre’s “GST 2.0” reforms, scrapping the 12% and 28% slabs to simplify compliance and spur consumption. The decision also confirms a CNBC-TV18 exclusive on the new GST framework.
The GST Council also announced a 40% rate – the highest slab in the revised indirect tax regime – which applies to sin and luxury goods such as pan masala, tobacco, aerated beverages, personal aircraft and yachts.
Also Read: Nothing more will be added to 40% GST slab, says FM Nirmala Sitharaman
