24.11.2021- Gold may lose sheen on govt’s plan to hike bullion GST rates

Jewellers fear the move will encourage black marketing and smuggling of the yellow metal

The government’s reported proposal to hike GST on gold jewellery to five per cent from three per cent is set to derail the industry which is rebounding after series of disturbances including Covid-induced lockdowns shutting retail outlets and mandatory hallmarking putting jewellers in a tizzy.

After lying low for long, jewellery sales have picked up in last two months with the fall in gold prices boosting wedding purchases and pent-up demand.

SOURCE: Business Line


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