FM hints at rolling back excise duty on branded jewellery

Posted By: Religare
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FM hints at rolling back excise duty on branded jewellery
Understanding the "plight" of the small jewellers and hardship they would face ahead, Finance Minister Pranab Mukherjee hinted at rolling back excise duty on unbranded jewellery. Additionally, he also assured considering the proposal of making the use of PAN card mandatory for purchase of jewellery of over Rs 2 lakh.

"I understand the plight of small jewellers ...I am considering it... the period that will be available from now and (passage of) Finance Bill, I will come out with an acceptable formulation", said Mukherjee.

"I will examine the demand but without going into the legal implications, I can't say anything," he added.

However, he made it clear that no action would be taken in ruling out the hike in import duty on gold and platinum. "I know it (gold) is part of our culture," said Mukherjee but added that the import of "dead asset" results in wastage of precious foreign exchange.

Dion Global Solutions Ltd

Read more about: gold, jewellery
Story first published: Wednesday, March 28, 2012, 13:30 [IST]
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