"To charge a higher rate of tax on gold will immediately aggrieve traders, jewellers and could lead to smuggling in the domestic market. Any move to charge a higher rate could prove counterproductive. So while statistically it makes sense, practically it makes no sense in the context in which an Indian typically buys gold,"
Amit Kumar Sarkar
Partner, Grant Thornton India LLP
This article apeared in DNA on 28th July, 2016.