New Delhi: Jewellers and bullion traders across the country, including Delhi and Mumbai, went on with their protest for the 10th straight day today demanding rollback of the proposed excise duty on non-silver jewellery items.
All India Sarafa Association Vice-President Surinder Kumar Jain said most jewellery shops and establishments have been closed since March 2 after Finance Minister Arun Jaitley in his Budget speech on February 29 proposed 1 per cent excise duty on jewellery.
“The budgetary proposal imposing… excise duty on non-silver jewellery would harm the trade and affect the livelihood of all artisans and manufacturers,” Jain said.
Jaitley has 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 studded with diamonds and some other precious stones.
Meanwhile, the finance ministry has clarified that jewellers only with turnover of more than Rs 12 crore will be liable to pay 1 per cent excise duty on non-silver jewellery items.
In 1981 and 2012 too, the Centre had introduced excise duty in the gems and jewellery sector, only to roll back the plan later.
PTI
