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Udupi Jewellers’ Close their shop shutters for three days against increased taxes
Kemmannu New Network, 03-03-2016 09:03:32
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Print Udupi : Jewelers had shut their shops shutters in Udupi district for three days from Wednesday to Friday to protest against the tax collection at source (TCS) on purchase of gold ornaments Rs. 2 lakh and above as per the Budget declared by the Finance Minister of Union government, said K. Jaya Acharya President of Udupi Jewelers’ Association, Udupi.
He was speaking to media persons at Udupi, said that the Budget had also imposed an excise duty of one percent on articles of jewellery of those whose business was above Rs. 6 crore. The government last year had made PAN cards compulsory for all purchase of jewellery of Rs. 2 lakh and above.
He said all these matters will burden for the purchaser of gold and other precious ornaments. The retailers will hit very hard to do the business. It is also said that the government was planned to introduce Goods and Service Tax (GST).
All these reasons of the central government initiatives three days protest will be undertaken all over the country.
During the press meet Mahesh Kamath, Ravi Shanker and other officials of the Udupi Jewellers’ Association were present.
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