Industry is anxious to know about the approach of central excise department on excise duty: MP Ahammed, Chairman, Malabar Group

The gems and jewellery industry is certainly not in the good phase, commenting on the current scenario, Mr. MP Ahammed, Chairman of Malabar Group states, “Introduction of excise duty in gems and jewellery industry is not a major concern but the industry is anxious to know about the approach of central excise department on excise duty and how they will tackle the same. The introduction of excise duty will add another department to legal compliance. If this department reduces the illegal dealings and encourages legal business, then we welcome such positive moves from government which will support the economy and growth of country.” He further added that the gems and jewellery markets will have a tough phase because of unscientific tax system especially in states like Kerala and the announcement that made PAN cards mandatory for transactions above 2 lacs. “This will have a negative impact on gold industry as 80 per cent of the public don’t have PAN cards in our country. The negligence and unfriendly approach of government towards the industry has made it difficult to do business. If the government adopts different approaches with more awareness programmes for the industry and public, then this sector can be developed to a much better position. Also as per the current political scenario, GST may be introduced anytime soon. Because it subsumes all the indirect taxes by both the central and state government and it can be beneficial for the businessmen and customers by reducing prices.”