11:17 am - Friday October 24, 2014

Hiked tax on unbranded jewellery likely to be taken back

Asia Bizz: After the intervention of UPA chairperson Sonia Gandhi, the Indian Finance Minister Pranab Mukherjee is likely to take back the hike in the excise duty announced during the Budget on March 16, 2012. A one percent hike was announced on the import of the unbranded jewellery, much to the ire of the Indian jewelers.

People familiar with the issue revealed that the matter was taken up by Sonia along with Prime minister Manmohan Singh and Pranab Mukherjee on April 4, 2012. The government assured that they would offer some relief for jewelers.

On Friday, Sonia was called on by the members of the jewelers association, after which they also met the finance minister who assured that their grievance for the one percent duty on unbranded jewellery will be addressed.

The Finance Bill is expected to be considered in the first week of May.

The decision on the bill is expected to be announced on the floor of the house. The jewellers has been protesting since 21 days since the announcement of the new taxes to protest the return to ‘Inspector Raj’. One the other hand even the buyers were facing problems and people also had fears that they will not be able to buy jewellery during the peak marriage season.

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