It should be noted that when you purchase gold, you are charged Goods and Service Tax (GST) at 3% on the value of gold plus making charges, if any. According to income tax laws, capital gains on selling gold is taxed and is dependent on the form it is purchased.
Also question is, what is the GST rate on gold Jewellery?
Also Know, how do you calculate GST in gold?
Price of 9.60 grams' gold chain = Rs 2,735 times 9.60 grams = Rs 26,256. Add making charges, suppose 10%, which comes to Rs 2,625.60 (10% of Rs 26,256) Total price of gold jewellery = Rs 28,881.60. Add GST at 3%: Rs 866.44 (3% of Rs 28881.60)
What is the GST percentage for gold in India?
How much gold can I keep at home?
The circular issued by CBDT specifies that a married lady is allowed to keep up to 500 grams of gold jewellery; an unmarried lady can hold up to 250 grams and a male member of the family can keep up to 100 grams of gold ornaments and jewellery.