Indian Tax Solution

FM finally gives in, to meet protesting jewellers tomorrow
New Delhi: Three weeks after widespread protests

by bullion traders who have been demanding a rollback on excise duty on branded

jewellery, Finance Minister Pranab Mukherjee has called a meeting with jewellers’

associations on Friday to sort out the issue related to increase in taxes on

gold and non-branded jewellery.

“In order to understand their (jewellers) concerns, Finance Minister Pranab

Mukherjee has convened a meeting with representatives of jewellery manufacturers

from major cities on April 6 at New Delhi,” an official statement said.

The government in the Budget for 2012-13 proposed an excise duty of 1 per cent

on non-branded jewellery of precious metals (other than silver) and hike in

import duty on gold. Reuters

The government in the Budget for 2012-13 proposed an excise duty of 1 per cent

on non-branded jewellery of precious metals (other than silver) and hike in

import duty on gold. The steps have triggered widespread protests by jewellers

in various parts of the country and they have been on strike since March 17.

The stir has even spread to south India with traders in Tamil Nadu and

Puducherry shutting shops. The Finance Ministry has received several

representations on behalf of the manufacturers of jewellery including artisans

and goldsmiths seeking reconsideration of the Budget proposal on the ground that

the industry is unorganised and fragmented and would find it difficult to comply

with the provisions of Central Excise Law, the statement said.

Earlier on Wednesday, Central Board of Excise and Customs Chairman S K Goel

said, “We have already clarified to all the associations that there is not a

case for apprehension. The Finance Minister has called a meeting with them.”

Last week, the Finance Minister had said the Centre is considering the demand

made in different quarters to withdraw one per cent excise duty on non-branded

jewellery proposed in 2012-13 Budget.

All India Gems and Jewellery Trade Federation Chennai Region Chairman N Anantha

Padmanabhan said, “…we got an invitation from the Finance Ministry that a

meeting has been convened to be chaired by Finance Minister Pranab Mukherjee on

Friday morning at New Delhi.

PTI

Souce : http://www.firstpost.com

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