Hyderabad (Telangana) [India], Jan 19 (NT): As the last Union Budget of Modi-led Govt to be presented just in ten days, retailers of gold and silver ornaments expect much tax liberation.
After the introduction of GST which affected sales of all sectors Dealers from ornament industry claimed that their sales have been immensely impacted by the current economic reforms of demonetization and the Goods and Services Tax (GST).
Shop owners gold and silver ornament has recommended that tax valid to silver and gold articles be brought back to 1% from the current rate of 3 %.
In the lieu of GST dealers of ornament, the industry considered that they have been burdened by the GST and sales have seen a decline since the introduction of new tax reforms.
On the subject of the export of gold and silver dealers recommend that tax applicable should be reduced to four or five percent because if it is not done chances of smuggling and other fraudulent activities will increase.
The first Budget Session of Parliament will be conducted from January 29 to February 9, while the second session will be conducted from March 5 to April 6 that will be presented by Prime Minister Narendra Modi-led Union Government. (NT)