Despite huge losses to traders, the strike against the one per cent excise duty on non-silver jewellery continued for another day.
Despite huge losses to traders, the strike against the one per cent excise duty on non-silver jewellery continued for another day. Jewellers and bullion traders kept the shutters down for the 35th day in several parts of the country, including Delhi, Mumbai and Kolkata, on Tuesday.
All-India Sarafa Association vice-president Surinder Kumar Jain said, “The industry has been losing business due to ongoing indefinite strike and workers, including artisans, involved in the trade have the ‘crisis of bread and butter’ now. Manufacturers and dealers of gold jewellery are agitated against the Central government’s move.”
However, Tamil Nadu had struck a contrarian note where most jewellery shops were open for regular trading.
Meanwhile, jewellery manufacturers are likely to meet Prime Minister Narendra Modi to demand rollback of the budgetary proposal. “We have a meeting with the Prime Minister on Wednesday. The time is yet to be finalised,” said Rahul Gupta, CEO of PP Jewellers who is also the vice-chairman of Export Promotion Council for EoUs and SEZs.
To look into the demands of the jewellers, the Centre has already constituted a panel under former chief economic advisor Ashok Lahiri.
The sub-committee, which has been asked to submit its report in 60 days, 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.
In budget 2016-2017, the government had proposed to levy one 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.
