How much does this excise on jewelry really pinch the common man?
When purchasing gold or diamond jewelry you will now be paying an excise duty of 1 per cent on your purchase. So if you buy gold or diamond jewelry worth Rs. 50,000 you pay an additional Rs. 500 as excise duty. The import duty on imitation jewelry has also increased from 10 to 15% so you
have no respite on that count either.
When you buy gold or diamond jewellery and excise duty of 1% will be levied on your purchase. For example, if you buy gold or diamond jewellery for Rs. 1 lakh, then you will pay Rs. 1,000 as excise duty. Unfortunately, the excise duty on imitation jewellery has gone up from 10% to 15%, so there’s no escape on that front as well. Click here to check gold rate.