Amendments in Tax Rates for Precious Metals: Key Changes Explained

The Central Government, under the CGST Act, 2017, makes amendments to tax rates for precious metals.

Recommendations from the Council prompt these changes, effective from October 1, 2019. Notification alters the term "gold" to include "gold, silver, or platinum" wherever mentioned.

It replaces "heading 7108" with "Chapter 71" in the opening paragraph for clarity. Explanation clause (d) now defines "Chapter" as per the Customs Tariff Act, 1975.

Gunjan Kumar Verma, Under Secretary to the Government of India, issues the notification.

These amendments aim to streamline tax regulations for precious metals under GST.