1. Jewellers refuse to budge, strike enters 39th day

Jewellers refuse to budge, strike enters 39th day

Jewellers, bullion traders and artisans are showing no signs of backing down in their protest against imposition of 1 per cent excise duty on non-silver jewellery as their strike entered 39th day today with many keeping their shops closed.

By: | New Delhi | Published: April 9, 2016 6:53 PM
Jewellers strike, gold Jewellers, bullion traders and artisans are showing no signs of backing down in their protest against imposition of 1 per cent excise duty on non-silver jewellery as their strike entered 39th day today with many keeping their shops closed. (PTI)

Jewellers, bullion traders and artisans are showing no signs of backing down in their protest against imposition of 1 per cent excise duty on non-silver jewellery as their strike entered 39th day today with many keeping their shops closed.

Many jewellery showrooms in cities such as Delhi, Mumbai and Kolkata are closed since March 2 after Finance Minister Arun Jaitley announced 1 per cent excise duty on non-silver jewellery in the Budget on February 29.

Tamil Nadu, however, struck a contrarian note, where most jewellery showrooms are open for regular trading.

To address jewellers issues, the government has constituted a panel under former chief economic advisor Ashok Lahiri to look into the set of demand of jewellers.

The sub-committee will look into issues related to the compliance procedure for the excise duty, including records to be maintained, forms to be filled, operating procedures and other relevant aspects.

The government, in the Budget for 2016-17, had proposed 1 per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery excluding silver other than those studded with diamonds and precious stones.

Tags: Gold
  1. R
    Rakesh singhai
    Apr 11, 2016 at 6:42 am
    The govt must not back down.Jewellers are the most important part of the chain for circulation of blackmoney.Excise duty will force them to account for gold purchased and sold one stroke,blackmoney back will be broken.Kudos to FM for not backing down.He can bring it down to 0.1% from 1 %.Percent is not important.Duty is.On the other hand,he should reduce excise duty on steell,aluminium,cement etc.This will benefit everyone with price reduction and help the poor more than rich.
    Reply
    1. Casb Balchandhar
      Apr 10, 2016 at 1:39 pm
      Why the jewellers are protesting without any logic and what harm it ill give since they are going to collect the excise duty from the customers and going to pay to govt. Even this can also be added to their wastage and making charges to earn good profit. Even for 999.99% purity gold bars also they are calculating the wastage and making charges, is it fair on their part to charge? Let them share the nation building exercise by this NDA govt. and be proud.
      Reply
      1. N
        non bhakt
        Apr 10, 2016 at 7:11 am
        Why the news does not mention the same was opposed by Modi & his team when in opposition? What changed to bring back the same taxation which was rolled back by UPA.
        Reply
        1. R
          rakeshkapila
          Apr 10, 2016 at 3:51 pm
          The problem is that they are challenging the accountability by the taxation regime of the Govt. of India, just like the other agricultural farmers in India. Sona is the Gar ki Kheti, is the main principle behind!
          Reply

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