Indian Jewelers End Strike, Panel to Decide on Tax Proposal

Finance and Trade
21/03/2016 09:06

Gold and jewelry markets across India re-opened on Monday after traders ended an 18-day strike that resulted in losses of hundreds of millions of dollars in revenue for businesses and taxes for the government. The strike was aimed at pressuring the government to reverse a 1% excise duty imposed on gold and diamond jewelry in the 2016-17 budget. Although the government has not yet announced the withdrawal of the planned excise tax, which could make gold and diamond jewelry more expensive, it has decided to set up a task force led by an economic expert to look into it. The task force will have three industry representatives, a legal expert and officials from the Central Board of Excise and Customs (CBEC) as members. In addition, all trade associations will be given the opportunity to submit representations, according to anonymous official cited by The Economic Times.