New Delhi: The government has take back its decision taken in 2016 budget of taking charge of 1% tax collection on cash purchase of gold jewelry. New rule will come to effect from tomorrow (June 1).
But the decision will apply to 1 percent excise duty on purchase non-silver jewelry this decision is to cal back the strike done by the nation wide jewellers.
Jewelers call on strike from March 2 after the budget pass from Arun Jaitley speech proposed one percent excise duty on purchasing of non-silver products on February 29.
Now the jewelers take10 percent duty on importing the gold. India is the largest consumer country for gold products in Idia their is importing of 900 tons of gold every year.