Companies & Sectors
Gems and jewellery industry extends strike till March 7
Chennai/New Delhi : The gems and jewellery industry on Friday decided to extend their strike till March 7 in protest against the central government's decision to inpose excise duty.
 
In a statement the All India Gems and Jewellery Trade Federation (GJF) said the senior office bearers and representatives of many jewellery associations across the country have decided on the move.
 
More than three lakh jewellers including manufacturers and artisans are participating in the strike that began on March 2.
 
The size of the domestic industry was estimated to be around Rs. 3.15 lakh crore with the potential to grow to Rs. 5 lakh crore by 2018.
 
"The excise guidelines which has been drafted for the gems and jewellery industry are not practically implementable and will be detrimental to the survival of the industry." 
 
"We are expecting positive results from the Government, but our agitation and protest continues," G.V.Sreedhar, chairman, GJF, was quoted as saying in a statement.
 
Finance Minister Arun Jaitley has proposed a one percent excise duty without input credit, or 12.5 percent with input tax credit, on jewellery, excluding silver, other than studded with diamonds and some other precious stones.
 
The Centre earlier introduced a one percent excise duty on gems and jewellery in 2005, but dropped the cess subsequently.
 
Meanwhile the government asserted that the sector should be taxed and be part of the system.
 
"The gems and jewellery industry, with a total turnover of Rs.2-3 lakh crore, is untaxed. The government feels that this economic activity should come into the system and should be taxed," Central Board of Excise and Customs (CBEC) member Ram Tirath said at a post-budget interaction in New Delhi at industry chamber Ficci.
 
He said implementing the proposed levy has been "made as simple as possible".
 
"One is not required to give any statement of stocks and there are no verifications required," he said.
 
"Registrations will be granted within two working days of applying," Tirath added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Tribunal disallows fee to make Sistema's spectrum contiguous
New Delhi : The government is under no contractual obligation to provide contiguous spectrum to a telecom operator, but Sistema Shyam has the right to seek alignment of its airwaves for continuity on terms allowed to other players, the industry tribunal has held.
 
Accordingly, the Telecom Disputes Settlement and Appellate Tribunal has struck down the contiguity charges of Rs.3,500 crore imposed by the Department of Telecom on Sistema Shyam.
 
Sistema's contention was: Non-contiguous spectrum, despite it being liberalised, that is allowed to be traded of shared, cannot be used by a service provider to extend the next generation mobile services. It said it was deprived contiguity, despite paying huge sums in the 2013 auctions.
 
The said spectrum in the 800 MHz band was acquired by Sistema through auction conducted in 2013 for its eight circles, including Delhi, Gujarat, Tamil Nadu, Uttar Pradesh (two circles), Kerala, Karnataka and Kolkata.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Polling in five states in April-May
New Delhi : Assembly elections in Assam, West Bengal, Kerala, Tamil Nadu and Puducherry will be held in April and May, Chief Election Commissioner Nasim Zaidi announced on Friday.
 
While Assam will have a two-phase election on April 4 and 11, West Bengal will see balloting on seven dates despite a six-phase election: April 4, 11, 17, 21, 25 and 30 and May 5.
 
In contrast, Tamil Nadu, Kerala and Puducherry will see election on a single day: May 16.
 
Votes polled in all five states will be counted on May 19, Zaidi told the media.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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