In the GST council meeting held on June 3rd, rates for gold and rough diamond were fixed at 3% and 0.25% respectively. This means that under the proposed GST structure there shall be eight rate structures viz 0, 0.25, 3, 5, 12, 18 & 28 and the Cess.
According to the Finance Minister a single rate would have been disastrous given the complexity of an economy and the varying culture and character of different states.
However the fact that the rates for all commodities and services have been announced almost one month before the proposed launch date of 1st July augurs well for Industry to prepare for the launch.