The budget has added more sheen to your jewellery shopping. It has reduced value added tax (VAT) on gold, precious and
semi-precious stones from 2% to 1%. So, if you are buying a gold ring weighing 10gm at Rs 28,000 (at current prices), you'll now pay Rs 280 as VAT instead of Rs 560. "The rolling back of VAT to 1% is in the true spirit of bringing about uniformity in the tax structure. With this move, Karnataka will be on a par with its neighbours in VAT. This will reboot manufacturing, wholesaling and jewellery distribution in the state, all of which were lying low for the past two years," said Vinod Hayagriv, MD, C Krishniah Chetty & Sons. Higher VAT in Karnataka had led to flight of business and artisans to neighbouring states with lower VAT. "The announcement will arrest this exodus and will lead to increased jewellery trade in the state, resulting in more opportunities for artisans and jewellers," said Rajesh Mehta, chairman, Rajesh Exports. The trade in Karnataka contributed over Rs 150 crore as VAT to the state exchequer in 2011-12.
So this article is very useful for ladies who are very fascinated to jewellery. Enjoy your shopping.
source(timesofindia)
semi-precious stones from 2% to 1%. So, if you are buying a gold ring weighing 10gm at Rs 28,000 (at current prices), you'll now pay Rs 280 as VAT instead of Rs 560. "The rolling back of VAT to 1% is in the true spirit of bringing about uniformity in the tax structure. With this move, Karnataka will be on a par with its neighbours in VAT. This will reboot manufacturing, wholesaling and jewellery distribution in the state, all of which were lying low for the past two years," said Vinod Hayagriv, MD, C Krishniah Chetty & Sons. Higher VAT in Karnataka had led to flight of business and artisans to neighbouring states with lower VAT. "The announcement will arrest this exodus and will lead to increased jewellery trade in the state, resulting in more opportunities for artisans and jewellers," said Rajesh Mehta, chairman, Rajesh Exports. The trade in Karnataka contributed over Rs 150 crore as VAT to the state exchequer in 2011-12.
So this article is very useful for ladies who are very fascinated to jewellery. Enjoy your shopping.
source(timesofindia)
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