The Goods and Services Tax (GST) rates on gold and silver remain unchanged after the conclusion of the 56th GST Council meeting on Wednesday.
Gold and silver will continue to attract a 3% GST on value and a 5% GST on jewelry making charges, ensuring stability for bullion dealers and jewelry traders, particularly ahead of the festive season when demand peaks.
The clarification comes as the Council rolled out a major revamp of the indirect tax system, replacing the earlier four-slab structure with a simplified two-slab framework of 5% and 18%. The previous 12% and 28% slabs have been scrapped as part of the government’s “GST 2.0” reforms, aimed at simplifying compliance and boosting consumption.
In addition, the Council introduced a new 40% rate, the highest in the revised structure, applicable on sin and luxury goods such as pan masala, tobacco, aerated beverages, personal aircraft, and yachts.
For gold traders and customers alike, the confirmation that GST rates on precious metals remain steady provides clarity and certainty, ensuring that festive season buying decisions go ahead without disruption.
