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May 7th, 2012
Excise duty on gold jewellery

New Delhi: Branded or unbranded gold jewellery will not attract excise duty. The Finance Ministry has rolled back the budgetary proposal of levying such a duty.

Under severe pressure, the Finance Minister, Mr Pranab Mukkherjee, announced: “The proposal to levy excise duty was aimed with the Goods and Services Tax (GST), but it seems that people are not ready for it, so I withdraw it.’’

This withdrawal will be in effect from March 17.