FM rolls back excise duty on gold jewellery

Business News: Jewellers in India have been opposing the levy of excise duty on branded or unbranded gold jewellery, now they have some reason to smile with the Finance Minister declaring roll back today.

budgetary proposal of levying excise duty on gold items has been rolled back by the government of India. The impact would be positive in the market; this could boost the gold import into India.

The jewellers were went on 21 days strike opposing the excise tax on branded or unbranded gold items. The withdraw will be with effect from March 17.

The Finance Minister has also declared to differ the the general anti-avoidance rules (GAAR)by one year. Markets rebound from the loss to gain following the GAAR clarification from the government. The sensational index -BSE Sensex closed at 16913 with 82 points up and the Nifty closed up 27 points at at 5114.