Branded jewellery excise limit hiked to Rs 5 lakh

Business

oi-Sneha

By Sneha B K

Published: Tuesday, May 8, 2012, 10:14 [IST]

Union Finance Minister Pranab Mukherjee said that there will be no excise duty on purchase of jewellery valued Rs 5 lakh against earlier threshold of Rs 2 lakh. This was in response to the debate on the Finance Bill. Jewellers will now heave a sign of relief, as it could now boost sales.

The Finance Ministry had levied an excise duty of one per cent on branded precious metal jewellery in the Budget this year. In the Union Budget 2012-13, the Finance Ministry included unbranded jewellery under the excise duty structure.

Meawhile, the gold for June delivery on the Multi Commodity Exchange (MCX) at 3.10 pm IST, was trading at Rs 28,946.00 per 10 grams down Rs 239. It opened at Rs 29,167 per 10 grams.

While, silver for July delivery on MCX opened at Rs 56,511 per kg and was trading at Rs 56,091 per kgs lower Rs 485.

International gold stood at $ 1,640 an ounce.

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