On Thursday – Finance Minister, Arun Jaitley, apprised the parliament that the government is not prepare for a roll back of the offered Levy. he informed the parliament that It is no longer possible to keep a luxury item like gold outside the range of tax indefinitely.
Arun Jaitley made it very clear that levying of 1 per cent tax is the first priority towards the much expected goods and services tax (GST).
he said even the manufactures of common consumption items pay excise duty and gold jewellery cannot be excluded. makers of pencils, pens, pen , papers, ink and soap pay excise duties. Even the artificial jewellery manufactures have to pay 6 % duty.