Jewellers of India was on strike since Union budget was presented. They were against excise duty imposed on non branded jewellery , increased custom duty and TCS on sale of jewellery.
They were on strike since 17 March,2012. During this period they suffered loss of about Rs20,000 crore and government of India also suffered loss of Rs1200 crore in terms of revenue.
Jewellers today met Sonia Gandhi and Pranab Mukherjee to solve this matter. Pranab Mukherjee has imposed excise duty of 1 percent on gold and doubled the import duty to 4 percent in this budget. Pan number quotation also made compulsory for purchase of jewellery worth Rs 2 lakhs or more.
Jewellers requested Sonia Gandhi to roll back the duty and on her assurance only they have called off the strike.
But do you think double import duty and additional excise duty is correct to be imposed?
Please give your views and comments