New Delhi: A community of jewellers in the country decided to go on an indefinite strike from Tuesday in protest over the re-introduction of sales tax on gold jewellery after 4 years.
Jewellers are opposing sales tax on gold as now the much desired want of people is going to become expensive which might also prove to be heavy on consumers’ pocket.
(Also read: What’s cheap and what’s expensive post Budget 2016? )
Arun Jaitley’s Budget could have an adverse impact on the demand of jewellery which could also see sales go down.
On Monday, in Lok Sabha the finance minister Arun Jaitley while addressing the parliament on Budget 2016 had announced an excise duty of 1% to be increased on gold and diamond jewellery and this is the reason the jewellers are not happy about.
The jewellers have decided to launch an indefinite nationwide strike in protest of the hike.
The community wants to see the reversal of the hike of 1% being made on gold and diamond jewellery.