INCOME TAX29 Sept 2026
Indians are buying more and more gold without receipt as prices, tax bite | Mint
India has more than doubled the import duty on gold and silver to 15%, and buyers also pay 3% GST. With prices almost 28% higher than a year ago, many customers now buy jewellery in cash without a receipt, saving up to 6%. That saves money today but leaves no invoice proof. Always insist on a proper GST bill for every purchase.
Key Statutory Highlights
- India has more than doubled the import duty on gold and silver to 15%, and retail customers pay an extra 3% GST.
- High prices and steep taxes are pushing more buyers into cash sales with no traceable invoice, and bulk buyers can save as much as 6% off market prices.
- Gold prices remain almost 28% higher than a year ago, and India's trade deficit widened to almost $32 billion in July.
Actionable Advice for Taxpayers / Founders:Before you buy gold or silver, ask the jeweller for a proper GST invoice and use a banking payment channel where you can. An invoice gives you a record of purchase, price and tax paid, while a cash deal without a bill leaves you with nothing to show later. If a discount is offered only for a no-bill cash deal, treat that as a warning sign and consider whether the saving is worth losing that proof.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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