Thomas Isaac on Wednesday told the Assembly that the government would constitute a special team to build a strong case against businesses that dodge tax on gold. Capping the discussions on demands for grants in the Budget for Goods and Services Tax (GST), Sales Tax and Agricultural Income Tax, Dr. Isaac said the public exchequer had registered a steep fall in GST on gold. When Value Added Tax (VAT) was the norm, the government had earned ₹630 crore as tax on gold jewellery. With the advent of GST, gold tax collection had fallen to ₹272 crore. The Centre had in 2014 upped the tax on gold to address the country's worrying current account deficit.

Source: The Hindu June 12, 2019 12:56 UTC