GST to bring joy in Gold industry

Mumbai July 6: India has rolled out a new tax regime GST on July 1 and its effect is still clearly unknown. Indian Credit Rating Agency ICRA has assessed the impact of Goods and Services Tax on the Gold industry.The main highlights of its assessment are

* GST would bring more formalization of the industry and many
informal players would adopt formal business techniques.

* Gold and Jewellery industry would grow at 9 % this year.

* The demand would increase in the coming festival and marriage season.

* There would be a temporary impact on the industry but it would not last long.

* The prices would increase marginally.

Finally, ICRA has said that GST would benefit the gold and jewelry industry in the medium and long term.