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Jewellery Stocks Gain On Reports Of Rollback On Cash Purchases
Shares of gold jewellery companies rose on reports that the govt has rolled back 1 per cent excise duty on cash purchase of gold jewellery of Rs 2 lakh and above.
Tribhovandas Bhimji Zaveri up 4.12%, PC Jeweller up 2.13%, Gitanjali Gems up 3.09%, Tara Jewels up 4.17% and Titan Company up 0.88% surged on reports.
In Union Budget 2016-17, Finance minister Arun Jaitley proposed 1 per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery.
As per BS media reports, the government has rolled back its decision to apply 1% tax collection at source on cash purchase of gold jewellery of Rs 2 lakh and above and raised the limit to the earlier Rs 5 lakh with effect from 1 June 2016.
Earlier, in March jewellers went on indefinite strike after the government reintroduced a 1% excise duty on gold jewellery in the budget.
They called it off in mid-April 2016 after the government assured that they consider the matter.
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