Sajid (Auditor) 30 October 2011

Vat on gold

Now a days Gold prices are skyrocketing. The common people suffers the most. And the Govt also charging 1% VAT on Gold.

When we see in the General Markets, Govt is charging 5% and 14.5% VAT on most of the Essential Commodities.

Gold does not come under the Essential Commodities, but still Govt is charging only 1% of VAT on this. Why?

I like your comments on this issue, and how to Control the ever increasing the GOLD PRICES.

Please put forward your views and comments on this.

SURESH GODBOLE (ADVOCATE) 31 October 2011

Increase in Gold price has cascading effect , it will effect many other prices too

If Govt chargs 12.5% it will effect Gold Import and also export which earns the Govt a lot in Foreign Exchange

the list can be manifold