New Delhi, Mar 18 (KNN) The jewellery traders, who are in no mood to call of the strike which has entered 19th day unless the excise duty levied is rolled back, have said that even by imposing the duty the government is not going to make as much money in the next 5 years as it has lost during this strike.

Praveen Goel, CMD, Sunar Jewel House and also the President of Gold Jewellers Metal Association said highlighted that the industry has already incurred a loss of more than Rs 60 thousand crore across country.

Union Finance Minister Arun Jaitley recently ruled out roll back of 1% excise duty on jewellery.

"The day we get your (Congress) blessing and GST will be implemented. Then all goods will come under GST and so will be gold. This (one per cent excise duty proposal) is a preparation towards it," Jaitley said while replying to a debate on General Budget in Lok Sabha.

On this, the traders said that the government is trying to bring GST since last 4 years but nothing has been done in this regard.

“GST would not come till 2020 we think,” said Goel adding that to come under the ambit of GST its not at all necessary to levy duty.

“If the government is saying that the GST would come in the next one year, then wait for it. We will accept it if it comes under the ambit of GST,” added the trader.

Members of over 358 associations, consisting of over 3 lakh manufacturers, retainers, wholesalers and artisans related to the jewellery trade and related businesses are on strike since March 2.

The traders said that before the jewellery finally comes to a showroom, it goes through 7 or 8 stages which includes micro entrepreneurs at the bottom of the pyramid.

“How does the government expect the micro entrepreneurs who earn below Rs 10 thousand per month to bear this extra burden,” Goel said.

On Thursday, thousands of jewellery traders from across the country held a protest rally at Delhi’s Ramlila Maidan asking the government to roll back the duty. (KNN Bureau)