Day Traders Lounge.

[Vertigo_1985]

Currently as the topic was going in direction of the Excise duty imposed on Jewelers, would just like to add that at that time when UPA brought this proposal Arun Jaitley said that this decision will only lead to corruption as it facilitates Inspector Raj. More checks will be mandated and the tax collection will get hampered. The jewelers will be in much better position when they pay Tax equivalent to the Excise duty imposition.

Jewelers on the other hand as of now are ready to pay Tax without any objections. They just want that the unnecessary paper work should be done away with.

This is just like the case of us traders when we trade in Options and make a turnover of Rs. 1 crore and profit less than 8% then we have to undergo compulsorily for Audit of our Books inspite of knowing that turnover in Options is being calculated adding the Sell Value of Options wherein it does not make a part in the profit. So we as traders face unnecessary paper work and futile charges go to CA. For this only Zerodha opened a petition on Change.org last year requesting Arun Jaitley to do away with this but in vain. We were unheard by the FM.

Excise duty was suggested as jewelers dont report the actual gold trading, so main purpose of this is to bring transparency in their business and to curb black money.
Jewelers are ready to pay extra tax in place of excise duty as they would then have freedom to report whatever they want and pay taxes on it rather than actual trading like they are doing now, how will that solve the issue of black money or evading taxes in gold trading ?
Inspector raj ..make it more transparent, and anyway other industries are also doing it so why they should get special exemption ?
About your example, .. whatever we do is completely legal and recorded, if the jewelers worked like this then there would have been no need of excise duty.
If you have any better suggestion to curb black money and tax evasion in gold markets then please do post it.

 

[timepass]

Excise duty was suggested as jewelers dont report the actual gold trading, so main purpose of this is to bring transparency in their business and to curb black money.
Jewelers are ready to pay extra tax in place of excise duty as they would then have freedom to report whatever they want and pay taxes on it rather than actual trading like they are doing now, how will that solve the issue of black money or evading taxes in gold trading ?
Inspector raj ..make it more transparent, and anyway other industries are also doing it so why they should get special exemption ?
About your example, .. whatever we do is completely legal and recorded, if the jewelers worked like this then there would have been no need of excise duty.
If you have any better suggestion to curb black money and tax evasion in gold markets then please do post it.

Isn't there electronic monitoring/recording of the transactions ? I thought the government had their eye on every gram of gold traded.

 

[timepass]

Anyway, here's another update on the Panama papers situation, the CIA did it

Putin says Panama Papers part of US plot to weaken Russia

 

[deba72]

Anyway, here's another update on the Panama papers situation, the CIA did it

Putin says Panama Papers part of US plot to weaken Russia

Reminds me of our West Bengal CM saying few years back that Hungary,Bolivia and North Korea plotting to kill her :lol:

 

[timepass]

 

[vijkris]

idea is good but wont be effective in india.

drunk husband will return home and will violently snatch away the "money" earned by the wife. :annoyed:

 

[cloudTrader]

Excise duty was suggested as jewelers dont report the actual gold trading, so main purpose of this is to bring transparency in their business and to curb black money.
Jewelers are ready to pay extra tax in place of excise duty as they would then have freedom to report whatever they want and pay taxes on it rather than actual trading like they are doing now, how will that solve the issue of black money or evading taxes in gold trading ?
Inspector raj ..make it more transparent, and anyway other industries are also doing it so why they should get special exemption ?
About your example, .. whatever we do is completely legal and recorded, if the jewelers worked like this then there would have been no need of excise duty.
If you have any better suggestion to curb black money and tax evasion in gold markets then please do post it.

I am not against going strict on tracking Black Money. Basically my point was about why the stance on many earlier things are changing by the present regime. Just because the public has very short memory the netas have been able to easily throw false statements and then turn their backs on it.

Regarding myself putting a point forward for curbing black money or tax evasion , I would certainly , but then I'll use the right platform for it , I hope you have understood what platform I am talking about and I promise my strategy will not be to throw Jumlaa's on fellow countrymen... :lol:

 

[cloudTrader]

idea is good but wont be effective in india.

drunk husband will return home and will violently snatch away the "money" earned by the wife. :annoyed:

But then Modi Ji has promised Beti Bachao , he will come for their rescue , any doubt...

 

[cloudTrader]

 

[wisp]

Is this our final century? nice video

http://www.ted.com/talks/martin_rees_asks_is_this_our_final_century