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One percent excise duty on Jewels cannot be withdrawn: Finance Minister Arun Jaitley
Posted on: 11/Apr/2016 10:03:41 AM
Large section of jewellers and bullion traders have been on strike for over a month seeking withdrawal of one per cent excise duty on non-silver jewellery items. Finance Minister Arun Jaitley on Sunday while speaking in Kolkata said that how can a luxury item remain out of tax when essential items like cement, cloth and many others have to pay manufacturing tax? If we do not bring the goods and services tax (GST) on gold, taxation on other items will have to be increased.
Finance Minister Arun Jaitley also mentioned that a multi-agency probe continues into leaked Panama Papers showing alleged offshore tax haven holdings of Indians. He also asserted that the probe is being done in a very impartial way and rejected demands from Congress and Aam Aadmi Party (AAP) that he should rescues himself from the matter.
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