Duties set for roll back, jewellers call off strike

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ENS Economic Bureau: New Delhi, Apr 07 2012, 01:25 IST

The government today assured bullion traders and jewellers that it would reconsider its Budget proposals to double the import duty on gold and impose excise duty on unbranded jewellery that constitute a bulk of sales. Following this assurance from Finance Minister Pranab Mukherjee, the industry called off its 21-day strike.

Jeweller associations held meetings with Mukherjee and Congress President Sonia Gandhi over a series of tax proposals in the Budget 2012-13 on gold imports and jewellery. Besides proposing to double the customs duty on gold to 4 per cent, the Budget proposed to impose excise duty of 1 per cent on unbranded gold jewellery. It also sought to collect tax at source on sale of jewellery worth Rs 2 lakh or more.

“The finance minister has assured jewellers that he would address their concerns at the time of consideration of the Finance Bill 2012 in Parliament,” Central Board of Excise and Customs (CBEC) chairman SK Goel said after the meeting of jeweller associations with the finance minister.

“The strike has been suspended till May 11, as the finance minister has assured us of a decision on rollback on excise duty and customs duty by the first week of May,” Dinesh Jain, director of governing board, All-India Gems and Jewellery Trade Federation said after the meeting.

Meanwhile, the Congress party too has taken up the issue and has asked the government to look into the demands after the jewellers met UPA President Sonia Gandhi. “Congress has asked the government to consider the demand of

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Reader's Comments (1)| Post a Comment

WILL REALLY GOVERNMENT ROLL BACK DUTIES ?

RAJAT KUMAR MOHINDRU .JALANDHAR CITY . | 07-Apr-2012Reply | Forward

The Jewellers through out the country were on strike and shut down there business establishments demanding to Roll Back the excise Duty on non branded jewellery , As the associations have met the Finance Minister and Smt Sonia Gandhi to Roll Back the excise Duty and custom Duty , Will the proposal of Excise Duty on unbranded Jewellery Roll Back ? As the agitation has been suspended up to 11 May .