GJF delegation meets Finance Minister

To arrive at a solution for the unwelcome re-imposition of 1 percent Excise Duty on ‘Branded’ jewellery announced by the Union Government in its Budget 2011, a 12 member delegation representing the GJF recently met with Hon. Finance Minister Shri.Pranab Mukherjee.

This levy was originally introduced in 2005 and was opposed by the industry. Discussions were held between the GJF and the Central Government of India in 2005-2006 in this regard and the duty was abolished at the time.

Its re-imposition applies only on ‘branded’ jewellery and not on ‘unbranded’ jewellery. But there still remains an ambiguity about the definition of the term ‘Branded’, for which the GJF is closely working with the Government to issue a separate notification to ensure any unbranded products are not forcefully levied. The same is awaited. Till such time all establishments that are truly sell “Branded” products only may apply Excise Duty.