Jewellers have appealed to the government to do away with the requirement of PAN submission for customers who purchase jewellery through digital transactions.
The trade, which has come under the strict vigil of the government post demonetisation, is trying to find out ways and means to allay fear among customers that gold purchase may attract the attention of tax authorities, in a bid to spruce up sales.
The price of the yellow metal has dropped 13% since November 8, the day the government announced demonetisation. For cash transactions, the trade doesn't have any problem in the government continuing with the rule that requires customers to submit their
income tax numbers for gold purchases of Rs. 2 lakh or more.
“If gold is purchased through online transactions or through cheques or demand drafts, then it is bought through accounted money and the government can keep a tab on all transactions. In that case, customers should not be asked to furnish PAN,“ Sreedhar
GV , chairman of the All India Gem & Jewellery Trade Federation, told ET.
When the requirement of providing PAN details was made compulsory for gold purchases of more than Rs. 2 lakh on January 1 this year, jewellers across the country had reported a 15-20% drop in sales, GJF had reported. - www.economictimes.indiatimes.com [26-12-2016]