Excise Duty - Page 30

105 FAQs on Excise Duty on Jewellery

For ease of understanding, the concepts of levy, valuation, payment, exemption, registration, invoicing, return etc. have been explained in the form of frequently asked questions (FAQs). This publication will act as a guide for all the stakeholders of jewellery industry...

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Exempted services scope for Cenvat credit reversal: Alarming Bell

The Credit Rules has been streamlined with restructuring of Rule 6 of the Credit Rules to make it more cogent. Amendment in definition of ‘inputs’ [Rule 2(k)], to include all Capital goods having value up to Rs. 10,000 per piece, which in turn will enable an assessee to take 100% Cenvat credit immediately,...

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Adhere to time limit in filing of SLPs before Hon'ble SC

F.No.276/320/2015-CX.8A (29/03/2016)

In many cases the proposals for filing SLP are being sent to the Board much after the time limit of 15 days available with the Commissionerate is over. In fact in some cases such proposals have been received in the Board after the time limit of 90 days is over. Such delays result in the dismissal of SLPs on the grounds of delay....

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CBEC notifies Accounting Codes for Infrastructure Cess

Office Memorandum No. Coord/13-6/H/A/c/VoI.VIII/333 (28/03/2016)

No. Coord/13-6/H/A/c/VoI.VIII/333 0/0 Pr. Chief Controller of Accounts Central Board of Excise & Customs A.G.C.R. Building, 1st Floor, I.P. Estate, New Delhi.     Dated:28 -03-2016 Office Memorandum Subject:- Opening of New Minor Head “506-Infrastructure Cess” below Sub-Major Head “03-Non-Sharable Duties” u...

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When does an exemption notification becomes effective?

Mayank Agarwal Sec 5A (5) of the Central Excise Act, 1944 deal with provisions regarding effective date of a notification. It states as under: (5) Every notification issued under sub-section (1) or sub-section (2A) shall,— (a) unless otherwise provided, come into force on the date of its issue by the Central Government for publication...

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Registration under excise by jeweler: A Thoughtful Decision

Registration with tax authorities is first step for any assessee to make compliance with the law and similar is the case for jewelers who have been brought within excise ambit in Budget 2016-17. But it is very interesting that special provisions have been made for registration of person engaged in manufacturing of jewellery under excise a...

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Budget 2016: Mobile Accessories turns expensive

With the hype created regarding implementation of revolutionary taxation reform, i.e., GST in the financial year 2016-17, the government attempted to mentally prepare the assessees as regards substantial reduction in the exemptions available. This is reflected by the levy of excise duty on jewellery except pure silver jewellery....

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Posted Under: Excise Duty |

Guide to Excise Duty Levy on Jewellery under Budget 2016

In Budget 2016, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment of duty on jewellery. The salient features of this levy are ...

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Limitation period if order been pasted at Factory Gate after closure

M/s Aafloat Textiles (India) Ltd Vs Commissioner of C.Ex. & Service Tax, Vapi (CESTAT Ahmedabad)

It is stated that all the operations and activities at the factory came to standstill. There was closure notice and the factory was closed. It is, therefore, impossible for the petitioner to have been aware of an order stated to be pasted on its factory gate. ...

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No duty on goods supply based on international competitive biddings

M/s Dressers Rand India Pvt. Ltd Vs Commissioner of C.Ex. & Service Tax, Daman (CESTAT Ahmedabad)

Assessees were engaged in the manufacture of Gas Compressor package, classifiable under Sub-heading No.8414.86 of the Schedule to the Central Excise Tariff Act, 1985. They supplied Gas Compressors to M/s Oil & Natural Gas Corporation Ltd (ONGC) on the basis of the tenders...

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Latest Excise Duty News

Find out all the latest news on Excise Duty here at Taxguru.in. Read all the relevant excise duty notifications and excise duty articles only with Taxguru.

In today’s economic scenario the significance of taxes has increased and it now not limited to being a financial aid for the Governments. The Union or the Central Government imposes several taxes together with their state governments. Some of the taxes are also levied by local Municipalities as well. Excise Duty comes under the taxes which are levied by the Central Government as per the provisions laid out in the Excise Duty Act, Excise Duty Rules and Excise Duty notifications formulated by the Government.

Excise duty is an indirect tax which is levied on goods manufactured in India and are intended for home consumption. Manufacturing of the goods is the taxable event and the excise duty liability arises as and when the goods are produced. Excise duty is a tax on manufacturing that is payable by a manufacturer of goods, who passes the incidence on to their customers. The CBEC (Central Board of Excise and Customs) is the governing authority and it functions under Union Ministry of Finance’s Department of Revenue. Under the power conferred by the Central Excise Act, 1944, the Central Government levies taxes on production or manufacturing of goods. The excise tax rates are stated under the Central Excise Tariff Act, 1985.

At Taxguru, we provide you all the latest news on excise duty together with all the updates and excise duty notifications. We at regular intervals publish excise duty articles and blogs for the benefit of our readers. Get to know all the latest developments in the Excise Tax Act and all the latest amendments at Taxguru. Find out all the excise duty news and updates with respect to excise duty here at Taxguru. We ensure that we bring you all the accurate and comprehensive coverage relating to excise duty in India

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