What's new GST rate on gold and do I pay tax on making charges? Check this before your Navratri shopping

New GST rates have come into effect from today. From your everyday items such as paneer, biscuits to wish list products such as cars, mobile phones and home appliances, GST 2.0 has something for every Indian. Traditionally, the end of Pitra Paksha or Shraddha heralds festive season in India with people looking for making big ticket purchases such as homes and gold ornaments. Data shows that Navratri days have seen heavy booking from interested buyers.

While there is a lot of buzz around price cuts and heavy discounts in automobile sector, India’s forever love for gold is above everything. So, in case you are thinking of buying gold this Navratri or saving up for big Dhanteras surprise for your family, then look no further. Here is all you need to know about gold rates and GST on gold and everything in between:

What is the new GST rate on gold?

Well, the simple answer for this is there is no change on GST on gold. During the deliberations earlier this month, the GST Council had decided to not tweak the existing tax slabs for gold. This is because that physical gold market is highly sensitive. Hence, to keep the taxation continuity for gold, the GST Council had decided to keep GST on gold at 3 percent.