According to a report, post July 1 India's labyrinth of taxes will be replaced with a simple tax regime GST.
Although consumers will pay a slightly higher tax while purchasing gold after the implementation of Goods and Services Tax (GST) from July 1, its overall impact on the gold industry will be good, said a report.
According to a report by the World Gold Council (WGC), post July 1 India's labyrinth of taxes will be replaced with a simple tax regime GST, the biggest fiscal reform since India's liberalisation.
The gold industry will undergo major changes after the GST roll-out. However the gold supply chain will become more transparent, organised, and efficient.
The tax reform could boost economic growth in the country, it said, adding the GST will accelerate this process, which will be good for consumers.
Industry also has reacted positively to the 3 per cent GST rate, it said.