Jewelers get respite from Excise Duty in Finance Bill

Pranab Mukherjee, Finance Minister of India has rolled back the proposed excise duties on jewelry trade.

Jewelers' long strike seems to have born sweet fruit. Finance Minister Pranab Mukherjee has rolled back proposed excise duties on jewelers in India.
More details:

1. Proposed Excise Duties are effectively rolled back from March 16, 2012.
2. Both Branded & Unbranded jewelry are exempt from excise duty.
3. 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.