“Centre government’s recent decision to hike excise duty on gold jewellery by one percent can be termed as positive move towards all-inclusive progress. Indian Bullion and Jewelers Association is lobbying the government to replace the 1% excise duty on gold jewelry with 1% rise in the import duty on gold. Support by political parties has exposed their dubious intentions.
The centre government’s move is aimed towards bringing in transparency in the high stake industry but the bullion industry is opposing it for its own vested interests. This move will impact in a positive way as the money accumulated from additional cess could be utilised on development work. But completely ignoring the benefits at macro level, Congress is putting its weight behind protesting jewellers in the country.
Comes after jewellers’ protest to PAN number
In a revolutionary move, BJP led central government had eelier made it mandatory to declare PAN card details on purchase of jewellery above Rs 50,000. Jewellers had opposed this move vociferously and now they are again up in arms against government on hike in excise duty.
It must be noted here that jewellers are not against paying excise duty but they want it to be introduced at the time of import but do no wish it to be at the point of sale, as it will bring in transparency, putting a question mark on huge unaccounted money.
Indian bullion industry consumes 700 tons of gold every year. Hike of excise duty by one percent means 7 tons of gold to exchequer besides bringing in transparency to gold buying. AAP’s protest against this move only validates the point that the party is anti poor and is trying to shield the interest of affluent community.