BANGALORE: The never-ending price hike of gold rates seems to have an adverse effect on gold traders following the additional taxes levied by the Union in this year’s Budget.
Speaking to reporters on Monday, S Venkatesh Babu, member of All India Gems and Jewellery Trade Federation (AIGJTF), said, “There has been a constant increase in our business. One per cent custom duty has been increased to 4 per cent, in addition to the 3 per cent central excise duty and 2 per cent of VAT. Likewise, when it comes to cash sales, 1 per cent for cash transaction of `2 lakh is being paid.”
“With this kind of decision, various illegal activities like smuggling and black markets will flourish, and affect middle class people who are already at the receiving end. They will suffer from price rise,” he warned.
Contradicting on making India a golden hub, he said, “We have decided a nation wide protest and our AIGJTF will present a memorandum to the Finance Minister on Tuesday to discuss the issues,” he maintained.