Good news for those who love to buy branded gold coins as central board of excise and customs well known as CBEC has reduced 1% Excise Duty charged on Gold coins. As per the notification, Central Board of Excise and Customs (CBEC) told Excise Duty will be zero on gold coins which are either carrying the purity of 99.5 per cent and above to 99.5 per cent. In year 2011 excise duty of 1 per cent on branded gold was charged by Central board of excise and customs.
Well allover scenario would not change majorly because many of the jewelers are not selling branded Gold coins, so for them such exemption do not make any change. In reference of Excise duty exemption Mr. Bachhraj Bamalwa, the former president of All India Jewelry Federation said that such move is appreciated even if this exemption does not include non-branded seller of Gold coin.
Renowned PC Jeweller’s Mr. Balram Garg said in view of removal of excise duty by government on branded Gold coin will increase the sale and the organized sector will be able to provide gold coin cheaper.
After demonization, government has also made amendment on no tax to be paid if it is bought by disclosed income. Amendment IT tax will not be applicable on gold or jewelry which is ancestral. Also there will not be confiscation of gold jewellery and ornaments to the range of 500 grams per married women same way for unmarried whom can 250grams and male member of the family to keep 100grams.
Gold in India
Gold is auspicious ornament in India. Every woman wishes to buy and yes the need of gold in our customer is also reason of its demand. Moneylenders provide loans by fortifying gold assets as security. In India gold load market is big, if compared with rest of the world. In fact gold lending is a big business in India. In India there is Kolar Gold Fields in Karnataka state which are known for its gold mines.
At present it is predicted that gold prices will move sliding in 2016, in year 2015 gold was at upside. In gold price fluctuation many internal and external factor matters for example this year demonization is internal factor, external factor like last year in 2015, peaking of war in the Middle East then stock market of china got crashed. Gold will remain the choice of every Indian to buy as sentiments are inclined to gold.