Jewellers and bullion traders across the country have been on strike for over a month to protest against the proposed one per cent excise duty on non-silver jewellery.
Finance Minister Arun Jaitley on Sunday reiterated the Government's stance on excise duty on non-silver jewellery, saying that a luxury item cannot remain out of tax ambit when taxes need to be paid on many essentials.
Jewellers and bullion traders across the country have been on strike for over a month to protest against the proposed one per cent excise duty on non-silver jewellery.
They are also opposing mandatory quoting of PAN by customers for transactions of INR 2 lakh and above.
“How can a luxury item remain out of tax when essential items like cement, cloth and many others have to pay manufacturing tax. If we do not bring GST on gold, taxation on other items will have to be increased,” Jaitley told reporters at the Press Club in Kolkata.
He said that there was no reason why luxury items should be exempted when the country was moving towards GST.
Jaitley said that the Centre has given a benefit that excise would be similar to VAT on gold and has assured that the artisans in the jewellery industry would not be affected from the new taxation.
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