Jewelers associations protest against proposed hike on gold duty

Jewelers associations protest against proposed hike on gold duty

Mangalore Today News Network

Mangalore, Mar 30, 2012: The All India Gems and Jewelry Trade Federation, South Kanara District Swarna Vyapari Sangha, and DK Zilla Chinnada Kelasagarara Sangha jointly organized a protest at Town Hall on March 30 Friday against customs duty, excise duty, and TDS charges placed on gold. 

Federation President M. Raghunath Shet said in his protest address that the budget proposes hike in excise duty on unbranded jewelry and doubles custom duty on standard gold, a move that will have an adverse effect on several tradesmen and workers associated with the gold and jewelry business. He, therefore, urged the state government to withdraw the hike.

 

 

Federation Secretary Nagaraj Phalke said that workers had protested when the excise duty was charged for gold jewelry, but the CM had assured that it applies only to branded jewelry. 

The hike will make life difficult for gold and jewelry owners and traders, but also for common people and workers, owing to which the government should immediately withdraw the hike, he said. 

The protestors also submitted a memorandum to the chief minister through DC Dr. N. S. Channappa Gowda, urging him to withdraw this proposal.