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India's New Sales Tax Should Aid Gold Consumers -- Market Talk

8 Jun 2017 7:51 am

0751 GMT - As India's goods-and-services tax is just weeks from going into effect, the World Gold Council says the country's gold industry will benefit despite short-term challenges. While overall tax rates on gold will increase slightly, firms will be able to offset that against their revenue and avoid double taxation rampant throughout the country, the group says. It adds that the proposed GST rate of 3% on gold is lower than anticipate and that the next tax structure will usher in greater transparency in a highly fragmented gold market, where retailers often mislabel the caratage of their gold products. India is one of the world's top consumers of the metal. (biman.mukherji@wsj.com)

(END) Dow Jones Newswires

June 08, 2017 03:51 ET (07:51 GMT)

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