Absence of GST refund mechanism hits gold demand from tourists, NRIs

Absence of GST refund mechanism hits gold demand from tourists, NRIs

Foreign tourists and NRIs visiting India are not investing in gold jewellery like before as there is no mechanism to refund the GST on their purchase which they are otherwise entitled to claim, bullion traders and jewellers said.

The Integrated Goods and Services Tax Act of 2017 allows a foreign national or an NRI, who enters India for a stay of less than six months, to claim GST refund when he leaves India. Gold jewellery attracts 3% GST.

Source: https://economictimes.indiatimes.com/news/economy/policy/absence-of-gst-refund-mechanism-hits-gold-demand-from-tourists-nris/articleshow/63372101.cms

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