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Jewellery shops remain closed for 15th consecutive day in protest against proposed excise duty

Gold and jewellery establishments across the country remained closed for the 15th day today as traders are protesting the Budget proposal to levy 1 percent excise duty on non-silver jewellery.

PTI [ Updated: March 16, 2016 16:10 IST ]
Jewellers
Jewellers

New Delhi: Gold and jewellery establishments across the country remained closed for the 15th day today as traders are protesting the Budget proposal to levy 1 percent excise duty on non-silver jewellery. 

Most jewellery houses have been closed since March 2, demanding withdrawal of the proposed excise duty. 

Jewellers are also opposed to mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above. 

Striking associations in different parts of the country have decided to hold a protest rally in Ramlila Maidan here tomorrow against the proposal, said All India Sarafa Association Vice-President, Surinder Kumar Jain. 

Thousands of jewellers, bullion traders and artisans in the industry will take part in tomorrow's rally, Jain told PTI. 

"Our protest will continue till the government withdraws the Budget proposal of 1 percent excise duty on non-silver jewellery," Jain said. 

The trade is estimated to have incurred huge losses during the strike so far, he added. 

Finance Minister Arun Jaitley in the Budget 2016-17 proposed 1 percent excise duty on jewellery without input credit, or 12.5 percent with input tax credit, on jewellery, excluding silver other than studded with diamonds and some other precious stones. 

The Finance Ministry later clarified only jewellers with turnover of more than Rs 12 crore will be liable to pay 1 percent excise duty on non-silver jewellery items. 

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