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Bullion market shut to protest 1% excise duty

large number of jewellery shops across the country remained closed on Saturday as gold traders continued their protest against one per cent excise duty on non-silver jewellery.

Gold traders, jewellers and artisans have been observing strike since March 2, demanding roll-back of the budgetary proposal that has impacted the trade.Jewellery showrooms in Tamil Nadu, however, were open for regular trading.

Meanwhile, the government has constituted a panel under former chief economic advisor Ashok Lahri to look into the demands of jewellers. The panel, which has been asked to submit its report in 60 days, will look into issues related to compliance procedure for the excise duty, including records to be maintained, forms to be filled, operating procedures and other relevant issues.

Finance minister Arun Jaitley in the Budget 2016-17 proposed one per cent excise duty on jewellery without input credit, or 12.5 per cent with input tax credit, on jewellery, excluding silver other than studded with diamonds and some other precious stones.

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