Economy

Jewellers end 19-day strike after government assurance

21 Mar 2016 | By Vaneet Randhawa

The 19-day strong jeweller's strike came to an end as the government promised them that they will not be "harassed" by the excise department in collecting the new tax.

Mohit Kamboj, President of India Bullion and Jewellers Association (IBJA) after a meeting with the Finance Minister said that the 1% excise duty on gold jewellery will stay; however, the jewellers won't be harassed.

In context: Jewellers on a war path with taxation

Introduction Jaitley's budget rubs the jewellery business the wrong way

Arun Jaitley in his annual budget 2016-17 proposed a 1% excise duty imposition on non-silver jewellery items.

The quoting of PAN by buyers for transactions of Rs.2 lakh and above was also made mandatory by the government.

Previously in 2005 and 2012, the government had imposed a similar excise tax but after jewellers went on strikes, the tax was rolled back.

2 Mar 2016Jewellers go on 3-day strike against sales tax

Jewellers all over India planned to go on a three-day strike over the reintroduction of sales tax on gold jewellery after four years.

The strike was expected to hinder gold imports by the world's second biggest consumer and put pressure on global rates.

More than "300 associations, including manufacturers, retainers, artisans" among others across the country will join in the gold strike.

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Strike continues as Jaitley refuses to give in

15 Mar 2016Strike continues as Jaitley refuses to give in

The jewellery protest entered its 14th day as Finance Minister Arun Jaitley refused the demand for a rollback of the one per cent excise duty on non-silver jewellery.

Addressing the Lok Sabha, Jaitley said that the tax was aimed at regulating gold with GST.

He clarified that only the jewellers with a turnover of over Rs.12 crores were liable to pay the tax.

18 Mar 2016Jewellers hold a protest rally against the tax

The All India Bullion Jewellers & Swarnkar Action Committee (AIBJS) held a mega rally at Ramlila Maidan to intensify the agitation.

The rally witnessed huge participation from jewellers, bullion traders and artisans who demanded a tax rollback.

Surinder Kumar Jain, Vice-President and All India Sarafa Association said that the ongoing indefinite strike was causing difficulties for the customers as wedding season was nearing.

Rs.25,000 crore lost in 18 days

The 19 day jewellery strike has caused a severe harm to the gems and jewellery industry, which "is estimated to have incurred over Rs.25,000 crore loss during the last 18 days."

21 Mar 2016Jewellers end 19-day strike after government assurance

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21 Mar 2016Government sets up panel headed by Ashok Lahiri

Government decided to set up a task force led by former chief economic adviser Ashok Lahiri, to look into the issues raised by the jewellers and find a solution.

The committee will have three industry members, legal and Central Board of Excise and Customs (CBEC) representatives.

The panel was asked to submit its report to Ministry of Finance within 60 days.

No backing down: Protesters look at a loss of Rs.400 crores

The jewellers had resumed their protest after no headway was made with government. By 30 March the month-long protest has led to a loss of approximately Rs.400 crores to the jewellery business.

6 Apr 2016Rahul joins protesting jewellers over excise duty

Congress Vice President Rahul Gandhi joined the jewellers opposing the impediment of a 1% excise duty on non-silver jewellery.

Gandhi joined the protesting jewellers at Jantar Mantar and said that the Modi government's proposal was to "crush small businessmen in India."

He said Modi's 'Make in India' was for a select few wealthy industrialists and an attempt to stifle small businesses.

13 Apr 2016Maha jewellers call off strike temporarily

Jewellers in Maharashtra have called off their strike temporarily, from April 14 to 24.

Maharashtra Rajya Saraf Suvarnakar Federation President Fatechand Ranka said the strike was called off because of a meeting scheduled with Union Minister Piyush Goyal to address the jewellers demands.

He added that if the demands were not met, then the jewellers in the state will resume the strike.