BIS hikes Hallmark fee on gold and silver jewelry!!!
The Bureau of indian Standards has issued a notification to increase the rate of hallmarking on jewelry. However, there is a lot of anger among the bullion traders about the new rates, which they have started opposing. Other organizations including All india Swarnakar Parishad have also expressed their displeasure over this.
Traders say that this will put more burden on the pockets of the customers. At the same time, traders also said that due to the ongoing war between ukraine and Russia, gold has become very expensive, due to which sales are being reduced significantly. Now due to the increase in hallmarking charges, people will show more indifference in buying gold.
How much did the hallmarking charge increase?
The Bureau of indian Standards (BIS) has fixed a new rate in the hallmarking charges on gold and silver jewelry. Bullion traders say that on this increased duty, GST will have to be paid separately at the rate of 18 percent. According to traders, the per capita test rate of gold was Rs 35, which has now been increased to Rs 45. That is, there has been an increase of Rs 10 directly. The test fee for 4 or fewer pieces has been increased to Rs 200. Testing fees of Rs 45 and Rs 35 will be charged on each piece for the examination of 5 or more jewelry.
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