The GST Council appeared to be conciliatory by relenting on gold and fixing the rate for cheap footwear - those priced below Rs 500 a pair - at 5 per cent. A high tax rate on gold would steer investment away from gold jewellery to other avenues, allowing more capital to be funnelled into the economy. Somasundaram, managing director (India) of the World Gold Council. The GST Council decided to fix the rate on biscuits at a uniform 18 per cent. Mitra said he would push for a cut in the tax rate on beedis at the next meeting.

Source: The Telegraph June 03, 2017 21:33 UTC