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Indian Government Forms Panel for Execution of Controversial Jewelry Tax
Apr 25, 2016 7:40 AM
By Rapaport News
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RAPAPORT... 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).
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.
However, the industry continues to lobby against the tax. Negotiations between the All India Gems and Jewellery Federation (GJF) and the government will continue, a spokesperson for the industry body told Rapaport News earlier in April.
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Tags:
diamonds, India, jewellery, Jewelry, Rapaport News
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