Bengaluru: As part of the Union Budget 2021-22 expectations, Malabar Group Chairman M.P. Ahammed has urged the Government that tax rate including import duty on gold and GST should be reduced to 7 percent to curb large scale gold smuggling in the country, boost gold trade and strengthen consumer confidence and demand for gold jewellery.
In a press release, Ahammed has also said that the Government should create an enabling environment for the jewellery retail trade to introduce MRP pricing in jewellery without any pricing break-up in terms of GST or other taxes. MRP-based billed transactions, in a way, will make the jewellery retail trade tax-compliant and boost Government’s tax collection.
