GST to make gold costlier in India

Gold will be costlier in India due to implementation of the General Sales Tax (GST) with effect from July 1, 2017.

Apparel up to Rs 1,000, biscuits and footwear will get cheaper across the coutry, according to a report of the Economic Times

The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, recently decided to tax packaged and branded food items at 5 per cent, tendu leaves at 18 per cent and bidi at the highest rate of 28 per cent. Unlike cigarettes, there will be no cess on cess on bidi, reports FE Online.

While biscuits will be taxed at a flat rate of 18 per cent, footwear costing up to Rs 500 will be levied a 5 per cent GST and for those above this would be taxed at 18 per cent.

In the textiles category, silk and jute fibre have been exempted, while cotton and natural fibre and all kinds of yarns will be levied a 5 per cent GST. Man-made fibre and yarn will, however, attract 18 per cent tax rate.