No roll back on 1 pc excise: Jaitley

Vibha Sharma

New Delhi, April 28

There will be no roll back of the 1 per cent excise tax on jewellery, Union Finance Minister Arun Jaitley said in Parliament on Thursday.

Replying to a calling attention motion on the issue of imposition of central excise duty on gold jewellery by the government, Jaitley said no small jeweller was under the ambit of the policy.

Only those with turnover of more than Rs 6 crore in two consecutive years would be liable to pay the excise.

Luxury items will have to be taxed because essential items cannot be taxed more to compensate for the loss in tax, he said.

Moreover, the central government has formed a committee to ensure that big traders were not harassed and their genuine concerns were addressed.

The government has also extended the last date for registration till June 30.

Dissatisfied with the reply, the Congress and the Samajwadi Party walked out.