A huge crunch has been employed over the black money issue on this November 8 by the prime minister and has also given a sign to the people who are digging holes for their black money that no way will be provided them to save their evil income. While the demonetization was announced on air, people were rushing through the lanes of gold market for exchanging their cash for some gold.
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The newly circulated news about the precious metal is that the centre is sticking towards the 3 percent GST rate for the gold. And in the middle of this decision, the gold industry itself wants the rate to be near 1.25 percent, and this very same thing will be discussed in the 24-25 November meeting.
An official said that “It has not been finalized as discussions are on. There is a suggestion that gold be taxed at three percent. It will be considered by the GST Council at its next meeting,”. Gold has been into the eyes of the centre for very long time and even after the roll out of slab tax rates, gold was decided to be in the higher tax rate of above 5 percent.