The jewelers had organised a grand firecrackers show at CG Road in Ahmedabad on Monday in celebration.
It was a big time celebration for branded as well as non-branded jewellers of the state after the union finance minister Pranab Mukherjee announced the withdrawal of excise duty on Monday, imposed during the Union Budget 2012.
Along with that, the tax collection at source (TCS) on jewellery bought worth Rs5 lakh, the limit had been reduced to Rs2 lakh during budget, but has been increased once again to Rs5 lakh.
Many jewellers of Ahmedabad were present in the Lok Sabha too when Mukherjee made the announcement. The jewellers across the state have welcomed the move.
It was a big time celebration for branded as well as non-branded jewellers of the state after the union finance minister Pranab Mukherjee announced the withdrawal of excise duty on Monday, imposed during the Union Budget 2012.
Along with that, the tax collection at source (TCS) on jewellery bought worth Rs5 lakh, the limit had been reduced to Rs2 lakh during budget, but has been increased once again to Rs5 lakh.
Many jewellers of Ahmedabad were present in the Lok Sabha too when Mukherjee made the announcement. The jewellers across the state have welcomed the move. "We have decided to call a small gathering of jewellers and as a part of celebration organise fire cracker show in Ahmedabad on Tuesday evening," said secretary of Ahmedabad Jewellers Association, Haru Zaveri.
From March 16 to April 8, the jewellers across the country went on strike to protest the excised duty levied on jewellery. This will certainly bring down the prices. The voice against duty was raised by the non-branded jewellers as well as the branded jewellers, who have been paying excise duty from April 1 2011, also got relief.
"Without being biased, union finance minister has given relief to every jeweller in the country. This is win-win situation for branded jewellers, non-branded jewellers and customers. For customers, the gold jewellery will be sold with marginal difference as excised duty is removed," said president of Gem & Jewellery Trade Council of India, Shanti Patel.
Patel was in Delhi on Monday. "We were in Delhi till late evening. I personally went to Lok Sabha and watched the union finance minister's announcement," he said.
Even the Gem & Jewellery Export Promotion Council (GJEPC) has welcomed the rollback of excise duty on branded and unbranded jewellery. "The rollback provides the right financial atmosphere for the gem & jewellery industry to grow. The GJEPC has always maintained the importance to develop local jewellery brands if 'Brand India' is to be established globally," GJEPC chairman, Rajiv Jain, said.
Jain added that the decision by the union government would go a long way in establishing brand India worldwide.
"We welcome the rollback of excise duty on non-branded jewellery by the minister. We are a bit disappointed as tax collection on source for cash purchase of jewellery stays but limit has been increased. This is going to positively attract buyers in the market," says Bhayabhai Saholiya, president of Rajkot Gold Dealers Association.
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