Gold Price: Gold and silver prices change daily. Gold and silver prices change daily. Currently, gold prices are slightly down. This week, gold and silver prices have declined. According to the India Bullion and Jewellers Association (IBJA), on October 31, gold was recorded at ₹1,20,770 per 10 grams, which fell by ₹670 to ₹ 1,20,100 by November 7. On October 17, gold was recorded at ₹1,29,584 per 10 grams. On the last trading day of the previous week (October 31), the price of 1 kilogram of silver was recorded at ₹1,49,125, which fell by ₹850 by the last day of trading of this week, reaching ₹1,48,275 per kilogram by November 7.
How much tax is levied on gold?
Gold and silver have always been considered extremely important for investment and jewellery in India—demand for both increases during festivals, weddings, and other special occasions. However, when a consumer purchases gold or silver, its price is not determined solely by the market rate, but also by the tax levied on it. Currently, the goods and services tax applies to gold and silver, which affects their prices.
According to government regulations, a 3% GST is levied on gold and silver. This means that if the market price of gold is ₹100,000 per 10 grams, an additional ₹3,000 in GST is payable. Similarly, a 3% GST rate applies to silver. Additionally, a 5% GST is levied on jewellery as making charges.
GST rates applicable on gold and silver –
Metal GST Rate
Gold – 3%
Silver – 3%
Making Charge on Jewellery – 5%
Assume the price of gold is ₹1,00,000 per 10 grams.
Gold Base Price: ₹1,00,000
3% GST: ₹3,000
Making Charge (10%): ₹10,000
5% GST on Making Charge: ₹500