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Narayanasamy asks jewellers not to panic over increase in excise duty

Chennai, Fri, 06 Apr 2012 ANI

Chennai, Apr 6 (ANI): Terming the ongoing protests by the members of jewellers' associations to be unwarranted, Minister of State in Prime Minister's Office (PMO), V. Narayanasamy, on Friday asked the bullion traders not to panic over the increase is excise duty.

Narayanasamy's comments came as jewellers protesting against an increase in import duty on gold and excise duty on unbranded jewellery in the Union Budget are expected to meet Finance Minister Pranab Mukherjee to sort out the issue

"As far as the excise duty is concerned, the Finance Minister at the time of replying the Budget in the Parliament made it very clear that he will have a relook into the excise duty. Therefore, according to me, the agitation by the jewellers is unwarranted because the customs duty for import of gold jewellery has been now continuing. And as far as the excise duty is concerned, the jewelers demanded that it should be scrapped," said Narayanasamy.

"It is under the consideration of the Finance Minister because it has been announced in the Budget. Now the second session of Parliament is starting from 24th of April. The issue will be considered by the Finance Minister and he will announce his decision because he made it very clear in the Parliament that he will have a relook into the matter. Today also he is meeting the jewellers organization and he would like to make the position clear," he added.

Narayanasamy further said there should not be any panic among the jewellers because as far as the excise duty is concerned it is a small fraction.

Pranab Mukherjee has convened a meeting with jewellery manufacturer representatives of major cities here today to address their concerns over the increase in import duty on gold and excise duty on unbranded jewellery in the Budget for 2012-13.

Excise duty of one percent has been imposed on unbranded jewellery of precious metals (other than silver) as part of the Union Budget proposals for 2012-13.

Several representations have been received in the Ministry of Finance on behalf of the manufacturers of jewellery including artisans and goldsmiths seeking reconsideration of this proposal on the ground that the industry is unorganized and fragmented and would find it difficult to comply with the provisions of Central Excise Law. (ANI)

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