GST rate of 3% on gold too low: Economic Survey

The Goods and Services Tax ( GST ) rate of 3 per cent on gold was low and needs to be increased as it is consumed by the "very rich", feels Chief Economic Advisor Arvind Subramanian, the author of the Economic Survey . According to the Economic Survey Volume II 2016-17, tabled in Parliament on Friday: "The tax on gold and jewellery products - items that are disproportionately consumed by the very…