Indian Gold Jewellers Struggle to Meet Tax Deadline

SEATTLE (Scrap Monster): The outbreak of coronavirus in the country has resulted in total paralysis of the gems and jewellery sector in India. Meanwhile retailers are reportedly in big crisis as the deadline for tax payments are fast approaching. It must be noted that we are already in the last month of the current fiscal year.

According to Anantha Padmanabhan, Chairman, All India Gem And Jewellery Domestic Council, the footfalls in jewellery stores and retailers have reduced to almost zero. The retailers are doing only one-fourth of the business, when compared with the same period a year before.

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The precautionary measures declared by the government have resulted in people refusing to come out of their homes, except for essential purchases. Consequently, the sales have witnessed significant slowdown.

The cancellation of weddings on account of government order has further reduced sale of gold in the country. The wedding season in the country usually extends until July. However, the outbreak of COVID-19 has brought about drastic changes. The jewellers believe that things may return to a state of normalcy by end-March this year.

Meantime, gold prices declined sharply again, registering the seventh day of decline out of eight.