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Gold to be Traceable and Trade Transparent post GST

The managing director of World Gold Coucil (WGC)India Mr. Somasundaram P.R remarked that the Goods and Service Tax which is set to be rolled out from July 1 will have a strong positive impact on gold trade and the industry. According to him GST will establish traceability of gold and make gold purchases more transparent. Gold is often termed a safe storage of black money and it is expected that post GST, gold will be out of its shadow.


There still needs to some clarity on the rates and certain procedural issues and this might result in some delay for the industry to cope with the changes. For example, the taxation issue when gold is being exchanged needs clarity. World Gold Council hailed GST as a game changer to make gold buying more transparent.


The council also demanded that GST should be accompanied by mandatory BIS hallmarking for so as to ensure purity. If hallmarking is made mandatory there needs to increase the number of assaying centres and the number of assayers need to be doubled from the current strength of 450.


According to a recent WGCreport on India’s gold market, income levels are the crucial determinants of consumer gold demand. As per the report India’s current gold stocks amount to 23,000 tonnes. Imports account for 85% of the gold supply in the country and more than 40% of the demand comes from Southern states. Gold has also been a major source for Current Account Deficit (CAD) for the country.

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