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Jewellers protest against Centre for imposing excise duty on gold 3/12/2016 11:12:31 PM Early Times Report srinagar, Mar 12: Jewellers today protested at Lal-Chowk here against the union government's proposal to impose excise and custom duties on gold from the approaching financial year. Protestors, including gold dealers and workers, carried placards and banners while they marched through the streets of Lal Chowk and raised slogans against the union government. They said by imposing excise and custom duties and, the union government had tried to put curbs on them. They also criticised the government's efforts to implement the 1962 Gold Control Act. As per union budget recommendations, 1 pc excise duty is mandatory on every gold jewellery and import duty, which was earlier 4 pc, would now be 10 pc. The new budget recommendations also made Pan-Card mandatory on every purchase of Rs 2 lakhs and above and dealers are duty bound to submit transaction details of customers with income tax department every time. 1 pc extra tax would be levied on customers for purchase of gold above 2 lakhs and customers would get jewellery only after paying Rs 2,500 as tax on per 100 grams of gold. Tax of Rs 1,200 per 10 grams will be charged on customers for sale of used gold with them and gold dealers according to new guidelines are also duty bound to register details about repairing golden ornaments in income tax department time to time. "This move of union Government is anti-people anti-poor. The union government led by Prime Minister Narendra Modi, which claims to be pro-poor, wants to suck blood of poor people by imposing tax on them. Now a poor man can't even dream to gift a single item of gold ornaments to his daughter at the time of her marriage as he cannot afford to buy gold and pay tax to income tax department," president of Gold Dealers Association, Kashmir, Bashir Ahmad said. Dealers said the fresh guidelines "give an indication that government wants to keep an eye on every individual of society who either sells or buys gold merely to impose tax on him". The gold dealers of different parts of country are on indefinite strike, demanding roll-back of custom and excise duties on gold as announced by the union government in recently produced budget. The protesters called upon Governor N N Vohra to convey their genuine concerns to the prime minister.   Share This News with Your Friends on Social Network     Comment on this Story

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