Gold Jewellers Extended Strike Till 31st March

Recently, on March 16th, the Finance Minister while announcing the budget proposed that excise duty of 1% on unbranded precious jewellery must be levied. He also doubled the customs duty on standard gold bars, gold coins and platinum to 4% in an attempt to discourage gold imports.

Jewellers in India, the world’s biggest buyer extended the strike demanding government to withdraw levy on non-branded gold. Following a call by All India Gold and Jewellery Federation, gold dealers decided to shut down their stores or business establishments till March 31 in protest against government’s proposal of revising excise and import duty rates.

The Gold Bullion market remained closed for the 12th day today following the strike by all India traders and jewellers against the 2012-Budget proposals to bring them under the ambit if excise duty. It was felt by the members of Goa Chamber of Commerce and Industry that, presently the industry is facing a slowdown due to increasing prices of gold. There are thousands of small jewellers and artisans, involved in the industry and are further affected by an increase in excise and import duty rates.

Moreover, the proposal to impose TDS on cash transactions of over 2 lakh was not practical and would cause immense hardship and also loss of business to the Gold dealers.

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