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Fri, 06 Apr 2012 08:48:34 GMT

Business worth Rs 20,000 cr hit due to strike, say jewellers

Mumbai: The jewellery sector has foregone business worth Rs 20,000 crore due to the strike in protest against Budget proposals. The strike has also brought gold imports to a standstill, according to an industry official.

Business worth Rs 20,000 cr hit due to strike, say jewellers

"The Union Government has lost a revenue of Rs 700 crore in the last 20 days due to the strike," claimed Mr Bachhraj Bamalwa, Chairman, All India Gems and Jewellery Trade Federation (GJF).

"The loss includes four per cent customs duty, one per cent VAT and other additional levies," he said.The GJF will lead a team of 10-15 members from different associations to meet the Union Finance Minister, Mr Pranab Mukherjee, on Friday to find a solution.

The Gem and Jewellery Export Promotion Council will stop exports if an amicable solution is not reached on Friday, said Mr Bamalwa.Depending on the outcome of the meeting with Mr Mukherjee, the GJF will hold a rally on April 7 in Mumbai and at Ram Lila Maidan in New Delhi on April 11.

The industry is protesting against the levy of 0.30 per cent excise duty, doubling of import duty on gold to four per cent and collection of tax at source on sale above Rs 2 lakh.


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