The All India Gems and Jewellery Trade Federation (GJF) thanked the Indian Finance Minister Pranab Mukherjee for the complete rollback of excise duty on branded and unbranded jewellery, announced yesterday in Parliament.
Speaking on the notification, Mr. Bachhraj Bamalwa, Chairman, GJF said “We are grateful to the entire trade sector for their support and cooperation in this regard. We are also thankful to the Finance Minister who gave us a patient hearing and helped us sort out this national issue. The Members of Parliament irrespective of any party understood and supported our views. The Bureaucrats of the Finance Ministry are also to be appreciated for all their support”. He further added that, “This is not a victory for us, but we are pleased that truth and fairness has prevailed. The sector and the nation will greatly benefit from this move”
Following the Union Budget announced in March 2012 which included a 1 percent excise duty imposition on branded and unbranded jewellery, the entire gem and jewellery industry in India agitated with a strike that lasted 21 days. Also, the industry leaders and members expressed their grievances to the government officials, hoping for some change. Facing severe pressure from the bullion merchants, the Finance minister has now rolled back the budgetary proposal of levying such a duty.
Mr. Vinod Hayagriv, Immediate Past Chairman, GJF said “We made a detailed assessment of the impact of the duty on the Gems & Jewellery sector and had the opportunity to present the same to the Finance Minister. He appreciated our concerns and we now thank him for this action of complete abolishing of the duty on Branded and Unbranded jewellery" Mr. Ashok Minawala, Past Chairman, GJF added “We are very thankful to the Finance Minister who had patiently heard our issues and had on the floor of the Parliament today declared 100% Rollback on Excise on the jewellery sector and raised the limit of TCS from Rs 2 to 5 lakhs. The industry is very thankful for the Finance Minister’s consideration and is happy that he has kept his word that he gave us on 6th April at the North Block Round table meeting.