'Reduce VAT on gold, silver'

Addressing a news conference here, Association Secretary B  N Pramod said when the prices of gold and silver have skyrocketed the hike in VAT from one per cent to two per cent has made the yellow metal more dearer.

This was causing hard ship for citizens. The gold and silver are no longer ornaments but became the materials worth investing. The rich people were buying both gold and silver in bulk. They would go to neighbouring districts to buy if the VAT was not reduced. It would be loss to the State exchequer, he added.

He said the owners of big showrooms may shift their units to border areas of other States because of high tax. If it happens, it would be a great loss for customers. Need of the hour was to abolish VAT on gold and silver in the interest of this sector. The jewellers across State have planned one day bundh on March 25 to pressurise the government.

R Rajgopal Shetty, H N Manjunath, R Mahaveerchand Bansali and G V Jagannath were present.