CHENNAI: Jewellery shops in Chennai opened on Tuesday to slightly dull business. Jewellers across the country had gone on a three-day strike protesting against the Budget proposal which imposed new taxes and central excise on the sector. Jewellers along Usman Road in Thyagaraja Nagar, which sees some of the heaviest movement of gold in the world, have said they are more worried about dealing with the various government departments than the adverse impact that the price hike will have on sales.“We protested against the throttling that we seem to be in for. We have dealt with government departments in the past and bribery and arm-twisting will increase, for sure. Therefore, we are naturally worried,” said a trader, who did not wish to be named.A senior staffer of another major store launched a no-holds-barred attack on the proposal to levy a one percent tax on purchases above `2 lakh. “The customer has to now show his or her PAN card. If they don’t do that then we will have to deduct 20 per cent extra at the source. There couldn’t have been a more direct way of telling us they want to put us out of business,” he says angrily.While some of the older stores on the stretch saw below-average shopping crowds on Tuesday, the newer stores were bare and wore deserted looks.Even as they brace themselves for the new tax regime and poor sales outlook, some jewellers see a golden lining to this dark cloud. “Tuesday is not considered auspicious but Wednesday is considered very much so. Moreover, our peak business is on Saturdays and Sundays. Maybe, it will be business as usual from Wednesday. All we can do is wait and see,” he said.
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