The Confederation of All India Traders (CAIT), apex body of the trading community has criticized the Government for increasing Excise Duty on Gold from 4% to 6%.
While deploring the increase, CAIT National Secretary General Praveen Khandelwal said that such increase will promote illegal trading of gold in the Country. The hike in excise duty is irrational and has no fundamental particularly when the Union Budget is going to be presented next month-said Khandelwal.
He further added that such kind of steps taken by the Government from time to time on high end products distort the stability of the economy. The Government has no policy and it is up to the whims and wishes of the people sitting at the helm of affairs to make such discretion which has no logic.
He sees no justification in making an increase of 2% in Gold prices. If it is necessiated, the Government should also spell out the logic and justification of such a step. The temporary steps certainly kill the sentiments of the market, added Khandelwal.
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