Gold would attract a GST rate of 3 per cent.
The GST Council on Saturday at its 15th meeting finalised tax rates that will apply to gold and other goods like biscuits and garments. Finance Minister Arun Jaitley, who chaired the meet, said gold and gold jewellery would attract a GST rate of 3 per cent. The Council also decided on rates of yarns, agriculture machinery, apparels and rough diamonds among others. GST will subsume all major levies including excise, service tax and VAT, transforming India into a single market.