Bullion traders are protesting against a Budget 2016 proposal to levy 1 per cent excise duty on jewellery and have gone on a strike in a nationwide protest, with shops remaining shut for a second day in a row.
“Traders in metros too downed their shutters for the second consecutive day,” All-India Sarafa Association Vice-President Surinder Kumar Jain was quoted by PTI as saying.
“The budgetary proposal levying one per cent excise duty on jewellery would affect business and wipe off the existence of nearly 90 per cent of small jewellers in the country,” he was further quoted by PTI as saying.
“Nearly 6,000 shops and establishments in the national capital alone are closed for the second day,” Jain said.
Finance Minister Arun Jaitley 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 studded with diamonds and some other precious stones in Budget 2016.