🐺 Jewellers🔱 Continue Strike⚠ on Excise Duty

  |   India News

By Fråst🐺

Jewellers have complained that the Budget💰 proposal’s excise duty on gold🔱 jewellery was unreasonable and should be rolled➰ back. They claim that the excise duty would further raise📈 costs for them and discourage📉 manufacturing instead of promoting it like the ‘Make in 🇮🇳’ campaign does. The Finance Ministry💰 has asked them to recommend alternatives to the excise duty. However, they’ve already sent suggestions to the Finance Ministry which have been rejected❌. All India Gems & Jewellery Trade Federation (GJF) had recommended a raise📈 in the import duty on gold🔱 from 🔟% to 11%. This would be better than a 1⃣% excise duty (without Cenvat credit) or 12.5% (with Cenvat credit) on gold jewellery. GJF’s Ashok Minawalla said that the federation would submit fresh recommendations📝 in the next few days. The jewellers are currently on the 8⃣th day of their strike⚠.

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