Zee Media Bureau
New Delhi: The jewellers in India may be hoping in vain that the government will withdraw 1 percent excise duty, it imposed on non-silver jewellery in Budget 2016.
As per a TV news channel, government is unlikely to retract the duty they have been fighting tooth and nail.
Finance minister Arun Jaitley had proposed in the Budget that jewellers will have to pay 1 percent excise duty on jewellery without input credit, or 12.5 percent with input tax credit, on jewellery excluding silver other than studded with diamonds and some other precious stones.
The government, on Saturday, even asked jewelers to clear excise duty dues from March to up to June. Though the finance ministry has formed a panel under former chief economic advisor Ashok Lahri to look into demand of jewellers who had gone on strike to protest against imposition of the duty.