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City jewellers protest against govt's tax imposition on gold

March 25, 2011
Mangalore, March 25: Protesting against the doubling of tax on gold jewellery by the state government, Dakshina Kannada district unit of Jewellers' Association on Friday staged a demonstration in front of Town Hall here.


The protest is a part of state-wide bundh of gold ornament dealers called by the Association.



A press release issued by the Association states that although the central government had levied a uniform tax of one percent on the sale of gold ornaments, the state government has now put an additional burden of one percent on the same.



“This will be added burden on the middle income group. They will have to shell out about Rs 40 per gram of jewellery over and above the cost of gold. Because of this fact, the customers may go to other states to buy their requirement of gold jewellery, which will adversely affect the gold merchants in the state. The state government had earned a revenue of Rs 70 crore as tax out of gold sale last year, and it is expected to go up to Rs 100 crore this year. Even the gold market might slump because of this additional tax,” says the release.

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