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Kerala traders deny reports on illegal gold, silver trade

Posted on Dec 21, 10:08AM | UNI

The All Kerala Gold and Silver Merchants' Association (AKGSMA) today denied reports attributing to it on illegal trade in gold and jewellery sector in the State.

Talking to reporters here, AKGSMA President B Girirajan said there was no fact in reports appearing in a section of media that about 80 per cent trade in the sector was unaccounted.

He also denied reports on majority of traders supporting practice of tax evasion in the State.

He stated that while Tamil Nadu, which dominated in the gold trade, contributed to government tax below Rs 100 crore, the tiny state of Kerala paid about Rs 300 crore to the exchequer as tax.

Reiterating the traders' demand to levy one per cent tax on products, he said the promise made by former Finance Minister T M Thomas Issac to slash tax after it rose to one per cent of the total sale following introduction of the compounding system was still unfulfilled.