GST will have postive impact on gold sector: WGC

Even as consumers will face a slightly higher tax rate in gold after the Goods and Services Tax (GST) is rolled out this July, the overall impact on the gold industry will be positive, World Gold Council on Thursday said.

PTIPublished Jun 9, 2017, 4:37 AM IST

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Mumbai

“On 1st July, India’s labyrinth of taxes will be replaced with a simple, nationwide GST. This is the biggest fiscal reform since India’s liberalisation in the early 1990s,” WGC said in a report here.

“While gold consumers will face a slightly higher tax rate and the industry will go through a period of adjustment, we see the net impact on the gold industry as being positive,” it added.

WGC said the gold supply chain will become more transparent and efficient and the tax reform could boost economic growth, which is likely to support gold demand.

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India, 67 nations sign pact to check tax evasion by MNCs

Convention to modify India’s treaties to curb revenue loss

PTI

Published Jun 9, 2017, 4:36 AM IST

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Paris/Delhi India and 67 countries have put in place an agreement to plug loopholes in existing laws that allowed companies to evade taxes by artificially shifting their place of business. Finance Minister Arun Jaitley signed the multilateral convention, an outcome of the OECD/G20 Project to tackle base erosion and profit shifting. BEPS is resorted by MNCs through tax planning strategies by exploiting gaps and mismatches in tax rules. “The convention…