"We have met more than 358 associations affiliated with GJF, consisting of over 3 lakh manufacturers, retainers, artisans, among others, who have collectively decided to extend the strike indefinitely, till we get some positive announcement from the government," All India Gems and Jewellery Federation (GJF) Chairman Sreedhar G V told reporters here.
He said the excise tax guidelines, which have been drafted for the gems and jewellery industry are not practically implementable and will be detrimental to the survival of the industry.
Jewellers have been on a strike since March 2, protesting against the proposed excise duty imposition on non-silver jewellery items made in the Budget 2016-17 as well mandatory quoting of PAN by customers for transaction of Rs 2 lakh and above.
Representatives of GJF on March 4, met Finance Minister Arun Jaitley to press for their demands.
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After the meeting, GJF had said the Finance Minister has assured that he will look into their grievances. But, the Federation still decided to extend the protest till today.
On March 3, the GJF delegation had met Prime Minister Narendra Modi and gave him their representation. "The PM gave us his valuable time and heard about our plight," he added.
The industry is estimated to have incurred a business loss of Rs 10,000 crore during the six-day strike, which includes bullion, diamond and jewellery.
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Meanwhile, supporting the jewellers' strike, the Confederation of All India (CAIT), in a statement, said revenue generation is necessary, but excise duty is not the only solution and other options can be worked out by talks between trade and the government.
He said gold has been considered as the safest option for saving investments by majority of people in the country.
The levy of excise duty, TCS, custom duty and of VAT on gold will make it a costly option and will discourage consumers from investing in gold which will result in loss of business and lakhs of small artisans and traders across the country will be adversely affected, he added.