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Indian Government Forms Panel for Execution of Controversial Jewelry Tax
Apr. 25, 2016 08:56AM PST
Gem InvestingRapaport reported that India’s Ministry of Finance has formed a sub-committee to oversee implementation of the 1 percent excise duty recently imposed on the jewelry industry. The ministry also deferred the deadline for jewelers to register with the central excise department to July 1, 2016, according to the Gem and Jewellery Export Promotion Council (GJEPC).According …
Rapaport reported that India’s Ministry of Finance has formed a sub-committee to oversee implementation of the 1 percent excise duty recently imposed on the jewelry industry. The ministry also deferred the deadline for jewelers to register with the central excise department to July 1, 2016, according to the Gem and Jewellery Export Promotion Council (GJEPC).
According to the report:
Ashok Lahiri, a former chief economic advisor to the government, will chair the five-person panel. Representatives from the trade will be coopted into the committee in consultation with Lahiri.
The jewelry industry protested the announcement of the duty in a strike that lasted about six weeks from the beginning of March. The industrial action was called off ahead of the popular gold buying season in April and May.