NAGAPATTINAM: Disappointed over the announcement of Union government to levy 1 per cent excise duty on gold and diamond jewellery that came through the financial budget tabled recently at Parliament, the Nagapattinam Jewellers Association on Wednesday have launched three day long token stir to express their displeasure over the taxation. Owing to the Pan-India strike, claiming that about 2 crores worth business were affected in Nagapattinam alone on Wednesday, the protesting jewel traders have sought swift response from the Union government for the ongoing stir.
According to the protesting Nagapattinam Jewellers Association, it is said that as many as 75 jewellery shops in Nagapattinam town and about 3,000 jewel shops across the district have taken part in the three day long stir to condemn the Union government and also seeking rollback on the 1 per cent excise duty levied on their industry contributing 6 to 7 per cent towards India's Gross Domestic Product (GDP). Stating that the proposal through Union finance budget to levy one percent excise duty on jewellers would impose heavy rules and penalties for the yellow metal industry including the filing of customs return, the protesting association claimed that such restrictions would quell the jewellers here. “Already we are filing our sales tax returns. If excise duty was levied as proposed, the rate of gold jewels would certainly soar. Union government's considering our displeasure should refrain from levying the excise duty and also they should consider canceling the rule made earlier seeking Permanent Account Number (PAN) card proof mandatory for gold purchase of `2 lakhs and above.” G S Sekar, secretary, Nagapattinam Jewellers Association told Express.
With about 3,000 jewellery shops shops across the district expected to remain closed for the till Friday to reiterate their demands, if the excise duty was implemented as proposed, the prices of gold jewel would increase `230 per sovereign, the jewellers association said. Besides, as the ongoing and ensuing Tamil months Masi and Panguni respectively would witness slew of marriages scheduled to be held in the auspicious months, the three days protest was claimed to affect the delivery of yellow metals to customers.