Scrap excise duty on jewels: Stalin

DMK treasurer M K Stalin on Monday urged the Union Finance Minister Arun Jaitley to cancel the proposed one per cent excise duty on gold and diamond jewellery as, he said, it would affect the traders involved in gold business. 

Stating on his Facebook page that jewellers from across India have opposed to one per cent excise duty proposed in the current year budget report, he said the jewellers in Tamil Nadu will also be affected if the proposal is approved. 

“The government has already levied 10 per cent import tax and one per cent Value Added Tax on gold. Under such circumstances, one per cent excise duty on gold jewels will add to the burden of gold traders,” Stalin pointed out. Questioning the silence of the AIADMK government on the matter, the DMK treasurer sought the special attention of Union Finance Minister in the matter and urged him to cancel the proposal.