Tax of 1% on Gold Jewellery purchases withdrawn

taxongoldjewelleryGood news for jewellers and customers has been announced by the government who decided to roll back its decision to apply 1 percent tax on cash purchases of gold jewellery.

Earlier jewellers had been on a 45-day strike to protest Finance Minister Arun Jaitley’s proposed excise tax on gold jewellery in his Budget speech.

Reports say the decision is likely to boost the demand for jewellery in Asia’s third largest country.