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GJEPC urges government to withdraw excise duty
Says it seeks constructive dialogue with the government
By: Diamond World News Service
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Mar 10 2016 9:17AM
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Reference: 12780  

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Following the continued jewellers’ strike in India, against the 1 percent excise duty, the Gem & Jewellery Export Promotion Council (GJEPC) urged the government to withdraw the tax. The Council noted that it supports the cause of the strike, yet it takes a stance of having a dialogue with the government. The excise duty was announced in the Union Budget 2016-17.

GJEPC has requested the government to hold meetings with the Finance Minister, officials of the Finance Ministry, the Commerce Minister and Commerce Ministry on the subject.

The 1 percent excise duty is being opposed for its implications of marring jewellery production in India and affecting employment in the sector.

The sector consists of many small and medium scale operators, and also includes portion of it being unorganised. The Council opined that excise was non-existent for a number of years and as the industry imports all its gold from international countries after paying customs duty, the excise duty on jewellery should be withdrawn. It also noted that while the industry looked forward to policies that would bring ease in doing business and promote exports, in the Union Budget, the same has not been met.

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