About 15,000 Indian jewellers have been sent tax demands

13 March 2015

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wholesale n95 mask When Modi announced a sudden ban on 500 and 1,000 rupee bills on November 8 surgical mask surgical mask, 2016 to weed out undeclared cash, clients thronged the store of one Mumbai based jeweller, clamouring for necklaces, rings, bullion “anything gold.”If we lose the case, then we have to close the business to pay the remaining amount,” said Jain.About 15 surgical mask surgical mask,000 Indian jewellers have been sent tax demands similar to Jain’s, said Surendra Mehta, secretary of the India Bullion and Jewellers Association.”This could create a problem for the industry in the long run as those who need to pay 20% to appeal may have to purchase bullion or jewellery on credit,” said Mehta. If they lose their cases surgical mask, the jewellers could default on the loans, potentially hurting suppliers and bankers surgical mask, he said.A tax official based in Kolkata, likened the exercise to “being asked to dig up a dead body after three years, find out how the person died and catch the killer.”Two senior tax officials told Reuters the department has sent thousands of notices this year, including to jewellers, demanding an estimated 1.5 2 trillion rupees in taxes.The Central Board of Direct Taxation and the Finance Ministry did not immediately respond to a request for comment, and the government has not spoken about the tax demands on the jewellers.The move highlights Modi’s push to shore up revenue as India’s once booming economy grows at roughly 11 year lows. India’s corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials have told Reuters.. wholesale n95 mask

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