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Protesting jewellers to meet FM tomorrow
AGENCIES | Mumbai/New Delhi, April 5, 2012 08:32
Tags : Protesting jewellers | a decision | indefinite strike | Finance Minister Pranab Mukherjee | rollback in increased taxes | RJD president Lalu Prasad |
Tags : Protesting jewellers | a decision | indefinite strike | Finance Minister Pranab Mukherjee | rollback in increased taxes | RJD president Lalu Prasad |
Protesting jewellers on Thursday said they will take a decision on their indefinite strike on Friday after meeting Finance Minister Pranab Mukherjee on the issue of rollback in increased taxes.
Meanwhile, a delegation of jewellers led by RJD president Lalu Prasad met Mukherjee. The Finance Minister has assured the delegation of "positive" action soon, Prasad said after the meeting.
Jewellers in various parts of the country have been on a strike since March 17 to protest the hike in import duty on gold and imposition of excise duty on unbranded jewellery. The proposal was announced during Mukherjee's Budget speech for 2012-13.
The strike entered into the 20th day on Thursday. All other markets, including the BSE, the NSE and commodity markets, also remained closed today on account of 'Mahavir Jayanti'. Mukherjee has called a meeting of meeting with representatives of jewellery manufacturers from major cities tomorrow in New Delhi.
Delhi Jewellers and Goldsmith Association President Ram Avtar Verma said that jewellers will decide on whether to end the strike or not after meeting the Finance Minister. "We appreciate the assurance of a positive action by the Finance Minister to the agitating bullion traders and are hopeful of an early solution to the crisis," he added.
All-India Gems and Jewellery Trade Federation Chairman Bachhraj Bamalwa told reporters in Mumbai, "We are hoping that the Finance Minister will understand our plight and will consider a complete roll back of excise duty. If there is a fall out in the talks we will continue with our agitation."
"We want a complete roll back of excise duty and request the Finance Minister not to suggest any alternate solutions. It is very difficult to comply with the legalities of excise and we fear that it will bring back Inspector Raj," Bamalwa said.
The agitation has cost the industry a revenue loss of about Rs 20,000 crore and the government has also incurred a
direct revenue loss of Rs 700 crore from Customs Duty, he added. Further, Bamalwa said the goods and services tax (GST) is the only solution and the jewellers have no problem in following it.
Issue Dated: Feb 5, 2017
