Government can face many hurdles by applying new rate of GST. Experts are in a favor to 2-4 percent tax of GST rates on gold.According to state finance minister Santosh Gangrao ” GST Council couldn’t get any decision on this matter in the meeting”. So according to few reports, government can apply 2% to 4% GST rate on gold.
According to Jewelers community two to four percent GST rate on gold will not be the correct decision and if it will happen then Jewelers community will raise its voice against this decision. Great protest may happen by the Jewelers community.
At the present time there is 1% tax on gold and Indian government has classified 4 categories on GST rate such as 5, 12, 18 and 28%. And what rate of GST will be applied on gold is still a suspense because GST Council hasn’t taken any decision on the matter of gold in the council meeting.
This matter can be discussed in the next GST council meeting and hopefully any solid decision on the matter of applying GST rate on gold may come out. Gangwar mentioned in his words” Indian government want to take decision of applying GST rate on gold will the concurrence of all, and this is the only reason why government holds this decision for a while.
According to president of mahajani Jewelers Association Tejram Agarwal ” if government take the decision of applying GST rate 3 to 4% on gold then government have to face a great protest by Jewellers community, because it will be the bad sign for jewelers and trading of gold will be affected by this decision of government so this cannot be happened, it will be considered as injustice with the Jewelers.
According to Sudhir Singh MD Margompusoft ” government should apply GST rates with the keen focus and consideration of all the communities, Businessmen, entrepreneurs and common public, so that everyone could get some benefits from GST and no one will face any hurdle because of these new GST rates.