Higher interest rates put pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.
Symbol: GOLD| Contract: Aug, 2017| Category: Bullion
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Shares of jewellery retailers such as Titan Company, PC Jeweller, Gitanjali Gems and Tara Jewels surged between 6 and 15 per cent on Monday.
Man-made apparel up to Rs 1,000 will attract a 5 per cent tax, lower than the existing 7 per cent. Those costing above Rs 1,000, will continue to attract 12 per cent.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, has already decided on tax rates of majority of the commodities.
The Goods and Services Tax (GST), set to be launched from July 1, will have rates of 5, 12, 18 and 28 per cent for services, in line with those applying to goods.
Kerala Finance Minister Thomas earlier said that all the states have agreed on the rollout of the GST on July 1.
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