GST on gold: Buying and making jewellery to get expensive for customers

It can be said that those who are not computerised and internet savvy have to be out of business

The Goods and Service Tax (GST) Council has been kind enough to provide a special 3 per cent  GST to gems and jewellery sector ( the exception being rough diamonds at 0.25 per cent).

Going by the economic survey of India and the hype which was created in the run-up to this meeting, a much higher rate was feared. However, the rate of GST for jewellery is in line with what it was under the old tax regime.

GST has increased paperwork and lot of compliance. Only time will tell if we as a country or an industry are ready