KOLKATA: Branded jewellers concern that if the govt. fixes GST on gold jewellery at 4%-5, many shoppers, notably those in rural areas, may like parallel market to the union sector, as a result of a probable price distinction of Rs 30-Rs fifty per gram.
Currently there’s a value side tax of 1 Chronicles on gold jewellery in the recent Union budget associate excise duty of 1 chronicles was introduced.
Currently there’s a value additional tax of I Chronicles on gold jewelry within the recent Union budget associate degree excise duty of I Chronicles was introduced.
“If the govt. keeps GST at 2%-3% on jewellery which will be ideal. anything higher than this may run the chance of flowing to the unorganised sector where folks could also be tempted to look at ways of not paying taxes,” aforesaid Vijay Jain, chief officer at branded jeweller Orra.
The jewellers were hoping to bag a chunk of the agricultural business on the rear of wonderful monsoon rains, but high price of the Muntz metal, and eventually anticipated goods and services tax (GST) of 4%-5%, may prompt customers to choose ..