One gram of 22K gold costs ₹2,710 today, while 1 sovereign (8 gms) costs ₹21,680 VAT on gold was around 2 per cent in most states, while it was 5 per cent in Kerala Consumers in Kerala will benefit from GST as the tax will come down from to 3 per cent
The Central Goods and Services Tax (GST) Act 2017 came into force on July 1, with an aim to bring a uniform tax scheme for the whole country. Let's take a look at the effect GST will have on gold.
Previously, the tax on gold was around 2 per cent in most states, comprising of 1 per cent of excise duty and 1 per cent of VAT. With the GST roll-out, the tax rises to 3 per cent. This 1 per cent increase is passed on to the customer, meaning there will be a slight increase in the price of gold.
But Kerala, the biggest gold consuming state, had a higher VAT of 5 per cent on gold earlier. So consumers in Kerala will benefit from GST as the tax will come down from 6 per cent to 3.
Check out the gold rates in Kerala for today here.
Standard Gold (22 K) Pure Gold (24 K)
| Date | 1 gram | 1 sovereign | 1 gram | 1 sovereign |
| 22 August | ₹2,710 | ₹21,680 | ₹2,900 | ₹23,200 |
| 21 August | ₹2,710 | ₹21,680 | ₹2,900 | ₹23,200 |
| 20 August | ₹2,710 | ₹21,680 | ₹2,900 | ₹23,200 |
| 19 August | ₹2,710 | ₹21,680 | ₹2,900 | ₹23,200 |
| 18 August | ₹2,710 | ₹21,680 | ₹2,900 | ₹23,200 |
| 17 August | ₹2,710 | ₹21,680 | ₹2,900 | ₹23,200 |
| 16 August | ₹2,700 | ₹21,600 | ₹2,890 | ₹23,120 |
| 15 August | ₹2,700 | ₹21,600 | ₹2,890 | ₹23,120 |
| 14 August | ₹2,720 | ₹21,760 | ₹2,910 | ₹23,280 |
| 13 August | ₹2,720 | ₹21,760 | ₹2,910 | ₹23,280 |
| 12 August | ₹2,720 | ₹21,760 | ₹2,910 | ₹23,280 |
| 11 August | ₹2,720 | ₹21,760 | ₹2,924 | ₹23,392 |
| 10 August | ₹2,695 | ₹21,560 | ₹2,892 | ₹23,136 |
| 9 August | ₹2,670 | ₹21,360 | ₹2,867 | ₹22,936 |
| 8 August | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 7 August | ₹2,640 | ₹21,120 | ₹2,840 | ₹22,720 |
| 6 August | ₹2,640 | ₹21,120 | ₹2,840 | ₹22,720 |
| 5 August | ₹2,640 | ₹21,120 | ₹2,840 | ₹22,720 |
| 4 August | ₹2,660 | ₹21,280 | ₹2,862 | ₹22,896 |
| 3 August | ₹2,650 | ₹21,200 | ₹2,852 | ₹22,816 |
| 2 August | ₹2,670 | ₹21,360 | ₹2,872 | ₹22,976 |
| 1 August | ₹2,680 | ₹21,440 | ₹2,882 | ₹23,056 |
| 31 July | ₹2,670 | ₹21,360 | ₹2,872 | ₹22,976 |
| 30 July | ₹2,660 | ₹21,280 | ₹2,862 | ₹22,896 |
| 29 July | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 28 July | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 27 July | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 26 July | ₹2,650 | ₹21,200 | ₹2,850 | ₹22,800 |
| 25 July | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 24 July | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 23 July | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 22 July | ₹2,660 | ₹21,280 | ₹2,860 | ₹22,880 |
| 21 July | ₹2,650 | ₹21,200 | ₹2,848 | ₹22,784 |
| 20 July | ₹2,650 | ₹21,200 | ₹2,846 | ₹22,768 |
| 19 July | ₹2,630 | ₹21,040 | ₹2,826 | ₹22,826 |
| 18 July | ₹2,630 | ₹21,040 | ₹2,826 | ₹22,826 |
| 17 July | ₹2,615 | ₹20,920 | ₹2,811 | ₹22,488 |
| 16 July | ₹2,615 | ₹20,920 | ₹2,811 | ₹22,488 |
| 15 July | ₹2,615 | ₹20,920 | ₹2,811 | ₹22,488 |
| 14 July | ₹2,600 | ₹20,800 | ₹2,830 | ₹22,640 |
| 13 July | ₹2,610 | ₹20,880 | ₹2,840 | ₹22,720 |
| 12 July | ₹2,590 | ₹2,590 | ₹2,820 | ₹22,560 |
| 11 July | ₹2,590 | ₹2,590 | ₹2,820 | ₹22,560 |
| 10 July | ₹2,590 | ₹20,720 | ₹2,820 | ₹22,560 |
| 9 July | ₹2,670 | ₹21,360 | ₹2,900 | ₹23,200 |
| 8 July | ₹2,670 | ₹21,360 | ₹2,900 | ₹23,200 |
| 7 July | ₹2,690 | ₹21,520 | ₹2,925 | ₹23,400 |
| 6 July | ₹2,700 | ₹21,600 | ₹2,935 | ₹23,480 |
| 5 July | ₹2,735 | ₹21,880 | ₹2,970 | ₹23,760 |
| 4 July | ₹2,735 | ₹21,880 | ₹2,970 | ₹23,760 |
| 3 July | ₹2,735 | ₹21,880 | ₹2,930 | ₹23,440 |
| 2 July | ₹2,735 | ₹21,880 | ₹2,930 | ₹23,440 |
| 1 July | ₹2,735 | ₹21,880 | ₹2,930 | ₹23,440 |
