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Doubling of customs duty on gold is fair for retailer – Tanishq COO
06 Jul '09
1 min read
Mr. C K Venkataraman, COO- Tanishq, Titan Industries Ltd comments on Union Budget 2009-2010:
Excise Duty on branded Jewellery has been beset with implementation problems from day 1 since the nature of manufacturing in the industry is quite fragmented and the government has not really been able to make much headway on this front. It is a good thing that the government has withdrawn this.
The doubling of customs duty on gold was perhaps brought in to compensate for the excise duty withdrawal. It is applicable to every manufacturer and retailer and is therefore fair. It is also very easy to implement and will guarantee 500-odd crores of additional revenues to the government.
Excise Duty on branded Jewellery has been beset with implementation problems from day 1 since the nature of manufacturing in the industry is quite fragmented and the government has not really been able to make much headway on this front. It is a good thing that the government has withdrawn this.
The doubling of customs duty on gold was perhaps brought in to compensate for the excise duty withdrawal. It is applicable to every manufacturer and retailer and is therefore fair. It is also very easy to implement and will guarantee 500-odd crores of additional revenues to the government.
Tanishq
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