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India Announces Lower Than Expected Gold Tax Rate

India Announces Lower Than Expected Gold Tax Rate

schiffgold.com / BY SCHIFFGOLD  / JUNE 5, 2017

The Indian government set the tax rate for gold under the uniform goods and services tax lower than expected, sending a wave of optimism through the country’s gold and jewelry dealers. Analysts say the lower rate signals a potential recovery in demand for the yellow metal in the world’s second-largest market.

According to a Bloomberg report, India fixed the duty at 3% over the weekend, lower than the 5% expected.

The goods and services tax, to be implemented from July 1, will replace more than a dozen domestic levies including excise tax and state tariffs, drawing India for the first time into a common market.”

The gold market has already showed signs of revival in India this spring.

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