The Finance Minsiter Arun Jaitley today announced that will not roll back the proposal of imposing 1% of excise duty on gold. The decision was announced by the Union Finance Minister Arun Jaitley while addressing the Loksabha in Finance Bill debate. Later Lok Sabha passed the Finance Bill, 2016.
Earlier, the imposition of one percent of excise duty on non-silver jewelry including gold was announced by the Finance Minister through the Union Budget 2016. On this basis, the Jewellers was asked to settle their excise dues of March to June and to get registered under the Central Excise Department by 1st July.
The said move has resulted in huge protests by Jewellers which was temporarily called off after getting assurance from the Government.
On a debate on Finance Bill,2016, Finance Minister made a statement that the said proposal for duty will not affect small traders’ artisans. It is only applicable to jewelers with more than Rs 12 crore turnover.
On April 29th the Madras High Court on a petition filed by the Coimbatore Jewel Manufacturers Association had ordered to status quo on the Central Notification proposing to levy excise duty on gold jewelry.
