Udaipur Sarafa businessmen exchanged greetings and celebrated their victory over the Government’s levy of Tax on precious jewelry.  The tax levied in this year’s budget was finally taken back by the Central Minister of Finance, Pranab Mukherjee.

The revoking of the One Percent excise duty was announced in a Lok Sabha meeting today, resulting in a downward slide in the Gold market.

Soon after the decision, the news spread all over the country with a swing of relief and happiness among the Jewelers fraternity.

In Udaipur, the Association of Jewelers who had actively participated in the protest, which continued for nearly a month, expressed their joy by bursting fire crackers and distributing sweets.

On the occasion, Inder Singh Mehta, Patron of the Udaipur Jewelers association said, “After 27 days of strike and the protest by all the jewelers, we finally made the government convinced of our demands.”

“Excise duty is revoked and along with it the TCS (Tax Collection at Source) that is to be paid on every R.s 2 lakh sale is now made to be paid on every Rs. 5 lakh sale which is a big relief for all of us.  We are very thankful to the Finance Minister,” expressed Mehta.