Volume No. :   11

Issue No. :  1

Year :  2020

ISSN Print :  0976-495X

ISSN Online :  2321-5763


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Is Indian Goods and Services Tax (GST) Impacted on Gold Sector?



Address:   Sowjanya A. M, Rakesh C
Faculty of Management and Commerce, Ramaiah University of Applied Science, Gnanagangothri Campus, MSR Nagar, Bengaluru -560054, Karnataka, India
*Corresponding Author
DOI No: 10.5958/2321-5763.2020.00014.1

ABSTRACT:
After the implementation of GST Indian tax structure has become "One Nation, One Market". Under the GST all the Indirect tax are included, the purchasers must pay only one tax i.e., GST. After the introduction of GST there is a positive impact on the Indian economy It has brought many changes in the tax structure and implied on the gold sector. The present GST on Gold is 3% where before 1% for VAT and 1% for service tax it was amounting to 2%. After the introduction of GST, Gold sectors has become more transparency which will help to reduce the corruption. This Research study is on the impact of GST on Gold sector. Sample size for the survey was 100. Survey was conducted in the area called Chikkpete, Raja market and Malleshwaram Bangalore. From the analysis, it was found that GST had made a positive impact on the Gold sector.50% of customers does not have the knowledge about the GST and how the GST implementation impacted on the Indian economy. Gold customers wants to reduce the GST rates from 3% to 2%. GST is not beneficial to the gold customers, but it is beneficial to the gold vendors /shopkeepers.
KEYWORDS:
GST (Goods and Services Tax), Gold sectors, VAT, Service tax, Indian economy.
Cite:
Sowjanya A. M, Rakesh C. Is Indian Goods and Services Tax (GST) Impacted on Gold Sector?. Asian Journal of Management. 2020; 11(1):87-91.
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