New Delhi: Massive changes were made to the tax system at the 56th meeting of the GST Council. All products have been brought under the 5% and 18% tax rates. These changes came into effect on September 22nd, the first day of Navratri. The major question is whether these changes will affect gold and silver prices. No Impact on Gold and Silver Prices It should be noted that the GST on gold and silver remains at 3%. Experts say that the new two-slab structure of GST will not affect these precious metals. They are placed in a separate category, which already attracts a special 3% rate. GST reforms, combined with GST reductions in related sectors such as handicrafts, leather goods, and packaging, will further strengthen India's diamond and jewelry ecosystem. By reducing operating costs, increasing affordability, and boosting global competitiveness, they strengthen India's position as a leading hub for diamond processing, jewelry design, and exports. Stock Market Decline Meanwhile, the GST reforms also led to a stock market decline on the first day of the week. The new GST rates came into effect today. The BSE Sensex, comprising 30 stocks, fell 342.02 points, or 0.41%, to 82,284.21 at 9:15 am. The National Stock Exchange’s Nifty also declined 85.00 points, or 0.34%, to 25,242.05.
