The government will examine jewellers' demand for removal of excise duty levied on unbranded jewellery and come out with an "acceptable" solution, but won't reduce the proposed import duty on gold and platinum, finance minister Pranab Mukherjee said today.
The impost of excise duty over and above the customs duty proposed to be imposed on imported gold and other precious metals has been opposed by small jewelers who earn their livelihood by the manufacture and sale of gold jewellery.
Mukherjee's announcement comes as a nationwide strike by jewellers against the impost of additional duties on jewellery manufacturers entered the seventh day today.
Notably, the excise duty impost has also been opposed by UPA coalition partner Trinamool Congress led by West Bengal chief minister Mamata Banerjee.
"I have no intention of causing any harassment. As there have been a lot of representations, I am considering it. I will come out with an acceptable formula," Mukherjee said.
Jewellers have been demanding removal of the 0.3 per cent excise duty proposed to be levied on unbranded jewellery.