There Will Be An Increase In The Price Of Gold And Silver, There Is A Proposal To Increase GST Rates, Know Full Details

The prices of gold and silver jewelry may increase soon as the GST Fitment Committee has proposed a hike in GST rates. According to the report of the committee, the goods on which the GST rate is currently 5 percent should be increased to 7 percent, and the goods on which 18 percent is applicable, the same should be increased to 20 percent. Apart from this, the fitment committee has also said in its proposal that two different rates of GST, 12 and 18 percent, should be merged into one. According to the committee, a new rate of 17 percent should be made by combining these two GST rates.

The matter of increasing the rate of compensation in the proposal

The GST Fitment Committee has also suggested increasing the rate of compensation in its proposal. At present this rate is 1 percent, which has been said to be increased to 1.5 percent. In this proposal, it has also been suggested to increase the GST on gold and silver. The GST Fitment Committee has proposed to increase the GST on gold and silver from 3 percent to 5 percent. Now there will be a change in the rate slab of GST only after the decision of the Group of Ministers in this regard. It is worth noting that there has been continuous speculation for the last few months regarding the change in the rates of GST.

Group of Ministers meeting to be held on November 27

Significantly, there is a meeting of the Group of Ministers on November 27, in which a big decision can be taken on the change in GST slabs. In this regard, the CBIC issued a notification saying that from January 2022, the rate of GST on clothing will be from 5 percent to 12 percent. At the same time, the rate of GST has also been increased from 5 percent to 12 percent on other fabrics like woven fabric, synthetic yarn, pile fabric, blanket, tent, table cloth.