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05-07-2012, 11:07 PM #1
Govt rolls back excise duty on jewelleryIn a relief to millions of jewellers across the country, Finance Minister Pranab Mukherjee on Monday announced rolling back one per cent excise duty on both branded and unbranded jewellery.
“...the government has decided to withdraw the levy on all precious metal jewellery branded or unbranded with effect from March 17, 2012,” Mr. Mukherjee said while moving the Finance Bill, 2012, for consideration and passage in the Lok Sabha.
Mr. Mukherjee in his Budget for 2012-13 had proposed to include unbranded jewellery in the ambit of one per cent excise duty as applicable on branded jewellery, a move which evoked sharp criticism from jewellers and bullion traders.
“I would like to reiterate that the levy was well intended and introduced not so much for raising revenue as for rationalisation and movement towards GST. However, the outpouring of sentiments, both within and outside the House, indicates that we are not yet ready for it,” he said....being a human...