| Date: |
07-03-2016 |
| Subject: |
Jewellers to continue strike against issue of Excise Duty |
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Mumbai : With no favorable response coming from the Central government over the issue of Excise Duty on jewellery and gems sector, the traders have decided to further intensify their agitation and will continue their strike till March 7.
Around one lakh shops across the country and about three crore people associated with this business have been on strike following the announcement of an excise duty of one percent in the Union Budget.
According to Kumar Jain, Secretary of the Mumbai Jewellers Association, it is highly unfair of the Government to levy this excise duty on the jewellery and gems business since this would result in having to maintain an elaborate record of happenings right from the purchase of the gold from the bullion traders till the making of the jewellery products. “This will only a return to the Inspector Raj that used to happen till some years ago,” he pointed out.
The trader said that they are not against making this payment in some other form, since this would be a very minor thing for the jewellery shop owners. “Instead of this Excise Duty hike, the Government can increase the import duty by some margin, which will add to their revenue and we will not mind paying this,” he said. To highlight their issue, the jewellery owners association is trying to meet the Members of Parliament and other representatives of the people and explain the matter to them.
At present, they have decided to decided to extend their strike to March 7, and then to have a meeting of their association the same day. Jain said that all the shops across the country are closed and they are bearing a loss of Rs 7000 crore per day. The total value of the jewelllery business is valued in India at around Rs 3.15 lakh crore and has the potential to grow to Rs five lakh crore by the year 2018.
Source : freepressjournal.in
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