Why is gold at 3% GST? India is a high consumption market of the commodity, why not higher taxes? Benefits to government

Bro woke up and choose violence 🫣

It's 5% of making charges - should be 18%
(And govt has to import gold which digs into forex reserves)

Considering gst on essential goods like inverter batteries, ac , tyres is 28%
Even insurance is 18% gst

tai real ID se aao

The community is very strong politically.

They practically bankroll elections, across the spectrum.

Plus this business is a huge funnel to convert Black.

Similar reason as to why Agricultural Income is not taxed, ( not same reason).

It's 3% on both buying and selling unlike other asset class. And generally rates are bit more on buying and bit less on selling compared to market rates depending on which platform you chose.

If GST rate is raised, people will buy/sell without invoices, smuggling of gold will rise.

Gold and Land both are favourite way to hoard black money.

Because gold is mainly purchased by women and they have a very sentimental value about it and if they sense govt is playing with their feelings they'll simply change the government power of women voters

Yes everything should be taxed at 5-28% and 0 income tax.. 😂

Instead you should ask why 18% GST on education

Because any higher tax will lead to increase in smuggling and under reporting of sales (black economy)