how much gst on gold?
Hi Sachin,
Whenever I’ve bought gold, I’ve noticed that the GST plays a big role in the final price you pay at the jewellery store. Right now, gold in India attracts a 3% GST on its actual value. But if you’re buying jewellery, there’s an extra 5% GST on the making charges. That’s the labour and design cost the jeweller adds.
In simple terms, gold or coins come with 3% GST on the gold value plus 5% on making charges. This system came into effect after July 2017 when GST replaced the old taxes like VAT and excise duty.