Today's Gold Rate/Price in Kolkata

Historical Gold Price in Kolkata

How to Purchase Gold Coins in Kolkata

If you don't want to invest in gold bars, you can buy gold coins in India, which come in a range of sizes and shapes. It is advised to buy smaller gold coin sizes in Kolkata since they offer greater liquidity. To avoid buying fake gold coins, you must exercise caution and verify the purity before buying any. Banks are another place to buy gold coins since they guarantee real gold.

What impact has GST had on gold rate in Kolkata?

As per the Income Tax regulations, gold as a commodity is taxable under the law and with the introduction of Goods and Services Tax (GST) on Gold 1 July 2017, the price dynamic has undergone a major rejig. As per the old law, gold was taxed at 12.2% , of which 10% was the import duty, 1% was the excise duty, while the remaining 1.2% was the VAT complement of the tax. At present, the excise and VAT duty have been scrapped and has been replaced with a GST of 3% and the 10% import duty still remains.

On the retail front, there are a few different components to look at. For instance, there's the 5% making charges on top of the 10% import duty, and 3% GST.

Things to know before investing in gold in kolkata

In this section we will talk about the various things you should know about before investing in gold. Here is a list of things every gold investor must know before making their purchase:

• The purity level - Gold is available in multiple levels, which are based on how pure they are. These are four of the most well-known ones, i.e,, 14 karat (58.33% pure), 18 karat (75% pure), 22 karat (92% pure), and 24 karat (99% and above). A 24K gold is also considered to be the purest form of gold. For jewellery purposes, 22K gold is commonly used as it offers designers a certain level of customizability. Another reason 22K gold is used instead of 24K is because the latter is far too brittle to withstand complex and intricate designs.
• What the labour charges are - Every jeweller, irrespective of where they are based, add what is known as labour charge. This is the compensation for the man hours spent creating a piece of jewellery. Sellers usually add this amount to the overall cost of the product.
• Certification - Every gold type is certified with an authentication letter and most jewellers provide the a certificate stating that their gold is either KDM or Hallmark certified. Make sure your gold has the right certification before making the purchase.
• Timing of the purchase - The timing of your purchase can have a bearing on how much your jewellery could cost. For instance, during festive seasons when demand is high, you are likely to spend more as opposed to buying during the off season. Also be on the lookout for additional offers which reputed jewellers put up from time to time.
• Keep the weight in mind - When a jewellery is weighed before a sale, any other stones used (emerald, diamond etc) will also be included in the pricing. This may increase the price of your jewels further. So, keep this in mind when purchasing studded jewellery.