Banks importing gold and precious metals will have to pay.....percent tax under the GST which can be claimed as input tax credit.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Banks importing gold and precious metals will have to pay____percent tax under the GST which can be claimed as input tax credit.

A	1 percent
B	7 percent
C	3 percent
D	5 percent

Explanation:

Detailed explanation-1: -How much GST on gold? The GST on gold is charged at a rate lower than most of the goods and services. The rate of GST for gold in India or GST for gold coin is 3%.

Detailed explanation-2: -A GST of 3% is charged on gold in India. Moreover, jewellers charge 5% of the price as GST making charge. Can GST on gold be claimed? In case you are a registered jeweller, then you can claim an input tax credit of 2% on making charges of jewellery.

Detailed explanation-3: -GST is levied on gold jewellery by way of making charges or as a fixed percentage of the value of gold. Generally, 3% GST is levied on gold jewellery and 5% making charge will also be levied under GST.

Detailed explanation-4: -Banking companies or financial institutions have an option for claiming the ITC on the deposits and loans or advances to comply with above rules or claim the 50% of the total ITC available in each month and the rest will lapse. Details for claiming the 50% ITC have to be filled out in form GSTR-2.

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