Gold jewellers shut shop on custom duty and excise hike

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Gold jewellers shut shop on custom duty and excise hike
Gold Jewellers across India downed shutters even today, making it three days in a row, since the Budget day, which imposed a hike in customs and excise duty across gold and jewellery.

A meeting is to be held later today, which will decide on the future course of action. The Bombay Bullion Association and All India Gems and Jewellery Trade Federation have joined in the protest.

The bandh will lead to a huge loss for jewellers, especially in the South as the Ugadi festival is nearing and people are looking to make purchases.

The Finance Minister in the Union Budget 2012-13, doubled the import duty on standard gold from 2% to 4% and for non-standard gold from 5% to 10%. For unbranded gold jewellery the Finance Minister recommended a 1% excise duty, placing it in the same bracket as branded jewellery.

Read more about: excise, union budget 2012, gold
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