Trading remained standstill at the bullion market

Trading remain stand still at the Bullion market for yet another week as a large number jewellers and bullion traders across the country continued their over one-month old strike against the budgetary proposal to levy one per cent excise duty on non-silver jewellery.

PTI| Last Updated: Apr 02, 2016, 18:38 PM IST
Trading remained standstill at the bullion market

New Delhi:Trading remain stand still at the Bullion market for yet another week as a large number jewellers and bullion traders across the country continued their over one-month old strike against the budgetary proposal to levy one per cent excise duty on non-silver jewellery.

Jewellers have also been protesting against mandatory quoting of PAN by custoone mers for transaction of Rs 2 lakh and above.

Many jewellery houses in cities such as Delhi, Mumbai and Kolkata have been closed since March 2 after Finance Minister Arun Jaitley announced 1 per cent excise duty on non-silver jewellery in the Budget.

In Mumbai, barring a few branded showrooms, nearly 90 per cent jewellery shops remained shut.

However, Tamil Nadu struck a contrarian note, where most jewellery showrooms were open for regular trading.

The government, in the meantime, has constituted a panel under former Chief Economic Advisor Ashok Lahiri to look into the set of demand of jewellers.

The sub-committee, which has been asked to submit its report in 60 days, will look into issues related to the compliance procedure for the excise duty, including records to be maintained, forms to be filled, operating procedures and other relevant aspects.

The government, in the Budget for 2016-17, had proposed 1 per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery excluding silver other than those studded with diamonds and precious stones.