Jewellers strike continues for yet another day
Gold traders, jewellers and artisans continued their indefinite strike for yet another day on Monday, in protest against the proposed one per cent excise duty on non-silver jewellery.
Most jewellery shops and establishments in the country, including in Delhi, Kolkata and Mumbai wore a deserted look for the 41st day.
They have been on strike since March 2 after Finance Minister Arun Jaitley in his Budget announced one per cent excise duty on non-silver jewellery.
However, jewellery showrooms in south Indian state Tamil Nadu were open for regular trading.
To address jewellers’ issues, the government has constituted a panel under former chief economic advisor Ashok Lahiri.
The sub-committee 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.
The government, in the Budget for 2016-17, had 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 those studded with diamonds and precious stones.