Finance Minister Arun Jaitley, speaking in Lok Sabha, on Thursday dismissed the withdrawal of one per cent excise duty on gold.
Earlier, Jaitley said that jewellers will have to pay one per cent excise duty on gold, reiterating the government’s stand despite widespread protest from the traders.
Jaitley said the duty is applicable only to the big industry players and the government will ensure there is no harassment.
“Excise duty on gold jewellery will have to be paid, but the jewellers can suggest any other safeguard they want against harassment,” Jaitley said in the Rajya Sabha.
He said the one per cent excise duty is applicable only to jewellers with a turnover of Rs. 12 crore and will not be applicable to small traders.
The jewellery traders across the country had struck work for six weeks to oppose the one per cent levy of excise duty.
“The gold traders will file return the way they do, by self -certification. There will be no physical checks for paying excise. Whatever the rate at which they are paying VAT (one per cent), the same rate they have to pay excise duty,” Jaitley said.