|Pranab Mukherjee, Finance Minister of India has rolled back the proposed excise duties on jewelry trade.|
- Proposed Excise Duties are effectively rolled back from March 16, 2012.
- Both Branded & Unbranded jewelry are exempt from excise duty.
- Consumer Tax to be levied on jewelry buying of Rs. 500,000 & more instead of Rs. 200,000 as was proposed in the Budget 2012.