Watch Industry

Watchmakers have sought total exemption of excise duty on all watches costing up to Rs 400 each "" ex-factory price. Ashok Khanna, chairman of the Chandigarh-based Khanna Watches, in a pre-budget note to the union finance minister has suggested five per cent customs duty on raw material and 10 per cent on components. He suggested excise duty of five per cent for novelty and connoisseur watches worth over Rs 400.