Search Result for : Excise Duty On Gold

The Dollar Business Bureau  After keeping their shops closed for six weeks, in protest against the imposition of excise duty of 1%, all the striking jewellers and gold traders will reopen their shops today. The strike was called-off after the members of various associations of gold traders and jewellers met with several union ministers in the national capital on Tuesday. This development has been confirmed by the spokesperson of Gujarat Jewellers Association (GJA), Ashish Zaveri. "The Government has accepted around 70% of our demands," he said. Last week, in an attempt to put in their demands, jewellers and bullion traders from all over the country constituted All India Jewellers Excise Action Committee (AIJEAC). The Committee had submitted a memorandum to various senior ministers ...

Since the imposition of the import duty on gold in 2013, industry analysts on several occasions asked the government to reduce the duty on yellow metal as it has resulted in gold smuggling The Dollar Business Bureau In the Budget 16, Arun Jaitely had announced a 12.5% excise duty on gems & jewellery industry with input credit, 1% excise duty on the industry without input credit   After a significant decline in gold imports during the period April-December 2015-16, the inbound shipments of yellow metal surged by 62% in January and 85% in the subsequent month. During the first three quarters of the current financial year, the government managed to save Rs.25,000 crore due to less imports of gold and the imposition of a ...