Whenever we sell our gold to goldsmith , he deduct 3 % from its value ..
On what basis he deduct it ? Is it statutarily required ????
5 Replies
amit agarwal
(dept head)
(137 Points)
Replied 07 December 2011
as per my knowledge it is just a standard industrial practice nd not a statutory requirement
Rohit C. Bankar
(Article Assistant)
(29 Points)
Replied 07 December 2011
But is it require ...??
There must be some kind of requirement for this ...
CA LALIT WADHWA
(FRESHER)
(105 Points)
Replied 07 December 2011
no it is nt a requirement...its a normal practice based on standard loss...
RoopesH SharmA
(ACCOUNTS EXECUTIVE)
(27 Points)
Replied 07 December 2011
As per my knowledge they deduct 3% from the value, during first purchase the gold includes the making charges (specially designing cost) but this deduction is not applicable on gold biscuits/bars
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