KOCHI: All Kerala Gold and Silver Merchants Association has expressed unhappiness at the retention of four per cent tax on gold in the budget presented by Finance Minister T.M. Thomas Isaac in the Assembly on Friday
As the tax rate was one per cent in other States, the move in Kerala was against the value-added tax rule, a statement issued by P.T. Cherian, State president of the association, said.
He welcomed the government’s decision to implement slabs based on turnover and the introduction of bullion rates for gold bars and coins. He urged the government to exempt those having a turnover up to Rs.1 crore from additional taxation.