In the Budget 2016-17, the government has reimposed one per cent excise duty on gems and jewellery sector without input credit and 12.5 per cent with input credit.
Jewellers, protesting throughout the country against the government proposal to re-impose 1 per cent excise duty, have decided to extend their strike till March 7, industry body, All India Gems and Jewellery Trade Federation (GJF) said today.
"The excise guidelines which have been drafted for the Gems and Jewellery are not practically implementable and will be detrimental to the survival of the industry. We are expecting positive results from the government, but our agitation and protest continues," GJF Chairman GV Sreedhar said.
GJF along with All India Jewellery Associations has decided to extend the strike till March 7. Jewellers went on strike for
three days from March 2.In the Budget 2016-17, the government has reimposed one per cent excise duty on gems and jewellery sector without input credit and 12.5 per cent with input credit
Former GJF Chairman and Director Bachhraj Bamalwa said, "We fail to understand what is bothering the government to reintroduce it again, since such Excise Duty measures in the past did not provide any tangible results and were withdrawn at later stages. Does the Government wants Inspector Raj in this sector? Is this "Ease of doing business?"
GJF along with many Associations have met senior ministers, lawmakers and Finance Ministry officials requesting the government to rollback excise from gems and jewellery sector.
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