Titan Company Loses Its Shine, Shares Down By 4%

Titan Company, an Indian luxury goods company on Tuesday’s trading session was trading down by over 4% by blurring some of its Monday’s gains. Titan had reached a high of 20% closing higher by 17% on the NSE on Monday.

Gems and Jewellery stocks on Monday were on a roll after the GST Council announced lower than expected rates of GST on gold.

The Goods and Services Tax (GST) Council on Saturday brought gold, diamond and silver under GST ambit. The Council has decided to impose GST tax of 3% on gold, silver and processed diamonds, lower than the expected tax rate of about 5%.

GST rate on gold is put at 3% versus current rate of 2%. The existing import duty on gold is 10% and after GST rollout consumers will have to pay an effective duty of 13% on Gold jewellery.

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