New Publication “Central Excise Law and Procedure for Jewellery Industry (including 105 FAQs)” to promote ease of doing business

The Union Budget 2016-17 has proposed to impose a 1% excise duty (without input tax credit) and 12.5 % (with input tax credit) on articles of jewellery excluding silver jewellery, other than studded with diamonds/other precious stones. A higher threshold exemption upto Rs. 6 crore of clearances in a year subject to previous year clearances not exceeding Rs. 12 crore has been extended.

The basic idea behind levying excise duty on jewellery is to encourage this industry to join the mainstream by recording all transactions. Central excise is a stock reconciliation based control and imposition is also a step in transition to GST. The levy of duty has given rise to the need of addressing the concerns of jewellery industry and enabling ease of doing business for them.

Indirect Taxes Committee of ICAI has brought out a new publication on “Central Excise Law and Procedure for Jewellery Industry” with a view to support the “ease of doing business” initiative of the Government. It would also help members, trade & industry and other stakeholders to understand the intricacies involved in taxation of Jewellery. Further, 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. We are sharing this publication with the CBEC as responsible part of Government to enable them to take reasoned decisions on recommended procedures.

An e-book on the same is freely available for downloading at  portal below-

Download Booklet “Central Excise Law and Procedure for Jewellery Industry (including 105 FAQs)”

It is also an opportunity for members who are practicing in VAT or Service Tax to serve the jewellery industry. A publication on textiles similarly is being envisaged by ICAI.

Booklet would assist you in your professional endeavors. You may also register for Indirect Taxes update at the website of committee . In case of any support you may contact Secretary, Indirect Taxes Committee at or 0120-3045954.

Related News- ICAI withdraws its publication of Excise Law on Jewellery Industry

Source- ICAI


S. No. Link
1 Guide to Excise Duty Levy on Jewellery under Budget 2016
2 Clarifications on Excise Duty imposed on jewellery
3 Budget 2016: Excise Duty Applicability on articles of Jewellery
4 Excise Duty on Jewellery articles: No visit at jeweller’s premises
5 Excise Duty Studded on Jewellery by Budget, 2016
6 105 FAQs on Excise Duty on Jewellery

ICAI withdraws its publication of Excise Law on Jewellery Industry

7 Excise duty on jewellery– No arrest,prosecution, search or seizure
8 BRIEF ON Excise duty on items of jewellery levied by Budget 2016
9 Govt forms Committee on issues related to excise duty on jewellery
10 Central Excise on Jewellery : Whether fears are real?
11 Excise on Jewellery – A Brief Overview
12 Procedure for Centralized Excise Registration for jewellery article manufacturers
13. Valuation of jewellery under excise: Practical scenarios
14 Registration under excise by jeweler: A Thoughtful Decision

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