Centre rolls back 1 pc excise duty on jewellery
Srinagar, May 7: Here is some good news for the jewellers. The centre government on Monday decided to roll back one per cent excise duty on branded or unbranded gold items.
According to reports moving the Finance Bill, 2012 for consideration in the Lok Sabha, Finance Minister Pranab Mukherjee raised the threshold limit for tax collection at source (TCS) by sellers on cash purchases of jewellery to Rs 5 lakh from Rs 2 lakh.
However, the threshold limit for TCS on cash purchase of bullion will be retained at Rs 2 lakh. Bullion will not include any coin or other articles weighing 10 gms or less.
To mention, Jewellers all over the country had gone on a long strike to protest the one per cent central excise on branded and unbranded jewellery and delegations had met Mukherjee and Congress President Sonia Gandhi demanding its withdrawal.
Pertinently, the All Kashmir Gold Dealers and Workers Association had also gone on a strike in the Valley seeking withdrawal of the tax.
The Valley gold dealers had appealed the central government to withdraw its order to increase custom duty on gold and excise duty on unbranded jewellery.
AKGDWA had also announced that they will launch fresh protests from May 10, if the centre government did not listen to their demands.
Pertinently, gold dealers in the valley remained on strike for 21 days in April against the central government proposal to increase excise duty on unbranded jewellery and custom duty on gold.
More than 10000 gold dealers in the Valley had struck their work.
Gold dealers were against the budget proposals presented by Union Finance Minister Pranab Mukherjee according to which customers purchasing gold for Rs 2 lakh or more must have PAN cards.
As per the central government proposal in the budget the jewellers were required to record the PAN number of the buyer and forward it to excise department via internet.
Gold dealers were arguing that most of the members of their community are illiterate and they have no know-how about computer.
“It is not possible for us to record the PAN card number of the customer and then send it on internet to the department concerned,” they had said.
Lastupdate on : Mon, 7 May 2012 21:30:00 Makkah time
Lastupdate on : Mon, 7 May 2012 18:30:00 GMT
Lastupdate on : Tue, 8 May 2012 00:00:00 IST
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