Gold retailers hopeful of tax relief ahead of Budget

Hyderabad (Telangana) [India], Jan 19 (ANI): With the Union Budget to be presented in ten days, dealers in gold and silver jewellery are hopeful of a much-needed tax relief.

Retailers here claim that their sales have been vastly impacted by the recent economic reforms of demonetisation and the Goods and Services Tax (GST).

In lieu of this, shop owners have suggested that tax applicable to silver and gold articles be brought back to one percent from the present rate of three percent.

"The public, as well as owners, have been burdened by the GST. Our sales have seen a decline since this was introduced. It would be better if the tax is brought down to one percent as it was earlier," Jayshree, a gold shop owner, told ANI.

Another dealer recommended that tax applicable on the export of gold and silver should be brought down to four or five percent.

"If the export tax is not brought down, chances of smuggling and other fraudulent activities will increase," another vendor said.

On a related note, the Budget will be presented on February 1.

The first Budget Session of Parliament will be held from January 29 to February 9, while the second session will be held from March 5 to April 6.

This will be the last full-fledged budget that will be presented by Prime Minister Narendra Modi-led Union Government. (ANI)

This story has not been edited. It has been published as provided by ANI