Jewellers Asso welcomes excise duty roll back on gold
May, 08th 2012
The Confederation of All India Traders (CAIT) and The Delhi Bullion & Jewellers Association have expressed satisfaction over the statement made by Union Finance Minister Pranab Mukherjee today in Parliament to roll back Excise Duty on unbranded jewellery in the Country.
The step taken by the Finance Minister is a step forward to mitigate genuine problems of the lakhs of traders of jewellery in the Country as also crores of other people who are dependent upon jewellery trade for their livelihood-said CAIT Secretary General Mr. Praveen Khandelwal and DBJA President Mr. Vimal Goel in a Press Statement released here today.
The Jewellers across the Country were on a 22 days strike from 17th March,2012 demanding roll back of the Excise Duty in question. The trade was certainly not interested in becoming subject to one another Department of Excise. Already the trade is subject to numerous other taxes like Custom Duty, VAT, directly and several other taxes indirectly. Further, the trader are required to comply with other State and Local Self Government Laws, Rules and Acts. With Goods and Service Tax (GST) round the corner, the Government is under obligation to simplify and rationalise the taxation system to best possible extent in order to ensure smooth transformation from VAT, Excise, Service Tax to GST