The Kerala Gold and Silver Merchants Association has urged the State government to settle all tax-related cases pending from the pre-Goods and Services Tax (GST) era in the first Budget of the new government. According to reports from The Hindu BusinessLine, the association has also called for a package under which penalties are imposed only for actual violations detected during inspections. At its State Council meeting, the association pointed out that several cases challenging tax notices are pending before courts.
As reported by The Hindu BusinessLine, traders are being asked to pay tax, penalties and interest amounting to as much as ₹1 crore for errors involving only ₹10,000. The council demanded stronger action against parallel gold trade and smuggling operations functioning without GST registration, claiming that the annual turnover of the unregistered parallel sector exceeds that of the State's 12,000 GST-registered gold traders, resulting in substantial tax leakage.
According to the association, bringing such operators under the tax net would help increase government revenue. The council also requested the Chief Minister to constitute a commission to study the challenges facing the gold trade sector and formulate policies that support the industry's growth. As reported by The Hindu BusinessLine, the association has made these demands during the State Council meeting.
The council decided to organise the Kerala Jewellery International Fair at Angamaly from July 3 to 5. According to The Hindu BusinessLine, a State convention, expected to attract more than 5,000 gold traders, will be held alongside the event. The association has requested the Chief Minister to constitute a commission to study the challenges facing the gold trade sector and formulate policies that support the industry's growth.
