The Goods and Services Tax (GST) rates on silver remain unchanged after the 56th meeting of the GST Council on Wednesday.
Silver, like gold, will continue to attract a 3% GST on value along with a 5% GST on jewelry making charges, bringing clarity to bullion traders, jewelers, and investors in the run-up to the festive season.
This update came alongside a major restructuring of India’s indirect tax system, with the Council replacing the earlier four-slab structure with a simplified two-slab framework of 5% and 18%. The 12% and 28% slabs have been discontinued under the Centre’s new “GST 2.0” reforms, aimed at streamlining compliance and supporting consumption.
Additionally, the Council has approved a 40% GST rate for sin and luxury goods, including tobacco, pan masala, aerated beverages, yachts, and personal aircraft, making it the highest slab in the revised structure.
For silver buyers and the jewelry trade, the decision to maintain the existing GST rates ensures continuity and removes any uncertainty ahead of peak demand season.
