UditVani, Jamshedpur : Gold has long been integral to Indian households—not only as jewellery but also as part of cultural traditions, marriages, religious rituals, and a reliable investment.
However, the recent surge in gold prices has pushed it beyond the reach of ordinary buyers.
Raising concern, Confederation of All India Traders (CAIT) National Joint General Secretary Suresh Sonthalia has written to Union Finance Minister Nirmala Sitharaman, demanding an immediate reduction in the Goods and Services Tax (GST) on gold.
Currently, gold attracts 3% GST along with 5% GST on making charges, which significantly adds to the financial strain on consumers.
Key Demands by CAIT:
Reduce GST on gold from 3% to 1%.
Introduce special purchase schemes for small and middle-class buyers.
Provide financial relief to artisans associated with the gold industry.
Sonthalia stressed that gold remains a safe investment option for the middle class, particularly during inflation and economic uncertainty. He also noted that lakhs of artisans and traders dependent on the gold trade are facing severe hardships due to high GST and soaring prices.
