Jewelers in India, the world’s second-biggest consumer of gold, ended a strike to protest against a new tax announced in the budget after the government assured them the charges would not lead to harassment by authorities.
The strike, which started on March 2, ended after the government agreed not to “trouble the industry” over the excise levy, Mumbai-based India Bullion and Jewellers Association Ltd spokesman Ketan Shroff said in a text message.
Indian Minister of Finance Arun Jaitley outlined the tax of 1 percent on ornaments produced and sold in the country in his Feb. 29 budget speech.
BIG RETURNS
The jewelers, who lost about US$150 million per day during the strike, said they expect customers to return in big numbers.
A similar shutdown in 2012, when jewelers closed for three weeks, was successful in getting the previous government to drop plans for an excise duty.
“Shops will be opening after being closed for more than two weeks and we will see a rush of consumers for one week,” All India Gems and Jewellery Trade Federation director Bachhraj Bamalwa said.
“The government has formed a committee to look into our problems and it will come out with a report in 60 days. Until then, they have assured us that excise department officials will not trouble jewelers over the collection of the duty,” Bamalwa added.
The excise department has pledged to ensure problem-free registration for jewelers filing excise registration and directed its officials not to visit jewelers’ premises for post-registration verification, the Indian Central Board of Excise and Customs said in a newspaper ad.
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