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Jewelry Makers Say Budget Measures Hard
The jewelry makers are closing shops for three days beginning March 18 to protest against the additional duties declared in the financial plan on March 16.
Country’s Finance Minister, Mr. Pranab Mukherjee, declared that excise duty on unbranded costly jewelry would increase to 12% as against 10%.
Customs duty on standard gold and platinum was also increased two fold to 4% and on non-standard gold from 5% to 10%.
In the month of January, the administration had doubled up the Customs duty to about 2%.
In a declaration on March 17, the All-Indian Gems and Jewellery Trade Federation stated that the excise duty on jewelry will have an effect on the business and throw millions of self-employed competent artisans out of their jobs.
In its pre-Budget note, the Federation had appealed for trashing the tax.
The Federation consists of jewelry makers, wholesalers, retail merchants as well as exporters.
in a release here on Sunday, the jewelers body stated, "All jewelers and all associations across India have unanimously called for a total bandh(shutdown) of all jewelry establishments March 17, which may also extend to March 18 and 19 based on joint decisions as a mark of protest against the Budget."
Jewellers extend strike for two more days
Manufacturers to pay 1% duty on non-branded gold jewellery
Indian jewelry makers extend stir looking for withdrawal of taxes
Pranab decides to reconsider duty on unbranded jewelry
Jewellers strike continues, enters second week
India Warned Over Retroactive Tax Proposal, Jewelry Makers Continue Stir
Indian Jeweler Gets Go Signal to Import Gold
