GST on gold deferred as consuming and producing states spar over rates

The GST Council on Friday deferred its decision on the rate of tax to be applied to gold to its meeting on June 3 meeting, following persistent differences between consuming and producing states. Gold consuming states have been insisting for two per cent GST on jewellery while other states are okay with a rate of five per cent. The Council had proposed 4 per cent as the consensus rate, but was ult…