New Delhi, Mar 21 (KNN) Bullion and gold jewellery markets across India opened today after the 18-day strike of traders was called off. The strike incurred a business loss of around Rs 18,000 crore to the trade and revenue loss of Rs 2,000 crore to the government.

Traders had called the strike for roll back of the 1% excise duty imposed on gold and diamond jewellery in the budget for 2016-17.

The decision to call off the strike was taken by trade associations, including India Bullion & Jewellers Association (IBJA) and All India Gem & Jewellery Trade Federation (GJF), after an eight hour-long meeting with government officials in New Delhi on Saturday. BJP President Amit Shah also attended the meeting.

The government, however, has not yet announced withdrawal of the 1% excise duty, which may make gold and diamond jewellery costlier.

In the meeting, it has been decided to set up a task force, led by former chief economic adviser Ashok Lahiri, to sort out procedural issues. The task force will have three industry representatives, a legal expert and officials from the Central Board of Excise and Customs (CBEC) as members.

“All associations will be given the opportunity to submit representations before the panel. Registration of establishments for central excise will be taken up until April end but the liability for payment of central excise will be with effect from March 1,” IBJA said

A sub-committee will submit its report within 60 days and until these recommendations are finalised and notified, government would adhere to -

A. Payment of excise based on first sale invoice value

B. CBEC will not challenge from valuation of product subject to weight of gold and carat weight of diamonds and precious gemstone is mention on invoice

C. Excise official will not visit shops/ residence/manufacturing unit

D. No arrests or criminal prosecution

E. No search and seizure of stock by excise officer

F. Exporters will be allowed on self-declaration on submission of LUT with need to ratify with excise .

Terms of reference of committee will include all issues relented to excise including type of records, other procedure, forms to be filed and any other issues may be relevant to this subject, said IBJA. (KNN Bureau)