Excise Duty : Central Excise duty on Jewellery though introduced initially for branded Jewellery and later extended to all Jewellery was subsequ...
Excise Duty : The practice prevalent in jewellery industries in India on charging for wastages from the customers along with the cost of jewelle...
Excise Duty : ER8 is a quarterly Return for production and removal of goods and other relevant particulars. The excel utility can be used for cr...
Excise Duty : This write up is to update you on the recent developments on applicability of Excise on Gems and Jewellery Industry. On the basis ...
Excise Duty : In this year’s Budget, a nominal excise duty of 1% [without CENVAT Credit on Capital Goods and Inputs] and 12.5% [with CENVAT Cr...
Excise Duty : Government accepts the recommendations of Sub-Committee of the High Level Committee to interact with Trade & Industry on Tax Laws ...
Excise Duty : The publication Central Excise Law and Procedure for Jewellery Industry has been brought out by Indirect Taxes Committee of ICAI t...
Excise Duty : Government constitutes a Sub-Committee under the aegis of the High Level Committee (HLC) on issues related to excise duty on diffe...
Income Tax : There is no requirement of declaring pre-budget stocks. Directions have also been issued barring any visits to the jeweller’s p...
Excise Duty : In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed...
Excise Duty : In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Gove...
Excise Duty : Specification of 17th August, 2016 as the date on which clause (v) of rule 5 and rule 6 of Central Excise (Amendment) Rules, 2016 ...
Excise Duty : a) Annex I - contains a brief summary of the amendments made vide various notifications to the existing Tariff and Non-Tariff noti...
Excise Duty : i. All jewellery manufactured and removed, on or before February 29, 2016, from the premises of the job workers or any other premi...
Excise Duty : i. No transit checks shall be carried out by the excise officials for checking movement of semi-finished or finished articles of j...
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 explained as under:
The central excise authorities will not challenge the valuation given in the invoice provided the caratage / purity and weight of the gold/silver with precious stones; and carats of diamond/precious stones are mentioned on the invoice; No arrest or criminal prosecution of any jeweler will be done;
Government constitutes a Sub-Committee under the aegis of the High Level Committee (HLC) on issues related to excise duty on different articles of jewellery imposed in Budget 2016-17; Committee to submit its Report within sixty days
There is no requirement of declaring pre-budget stocks. Directions have also been issued barring any visits to the jeweller’s premises. Jeweller’s private records or his records for State VAT or for Bureau of Indian Standards (in the case of hallmarked jewellery) would be accepted for all Central Excise purposes.
In this year’s Budget, 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.
It is the most expensive amendment ever… Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Thus, all the jewellery items except pure silver jewellery will now be subject to excise duty w.e.f. 1.3.2016. This article is about the changes brought by the recent budget with respect to jewellery.
Gold and diamond jewellery are set to become dearer, with the government deciding to hike excise duties. Consumers will have to shell out more for the gold and diamond jewellery as the budget has imposed 1 per cent excise duty, which comes as a blow to the gems and jewellery sector.
Where the manufacturer of such goods has a centralised billing or accounting system in respect of such specified goods manufactured or produced by different factories or premises and opts for registering only the factory or premises or office, from where such centralised billing or accounting is done and where the accounts/records showing receipts of raw materials and finished excisable goods manufactured or received back from job workers are kept.
First clearances of the articles of jewellery for home consumption, other than articles of silver jewellery but inclusive of articles of silver jewellery studded with diamond, ruby, emerald or sapphire, falling under chapter heading 7113 of the First Schedule upto an aggregate value not exceeding six crore rupees made on or after the 1st day of April in any financial year, from the whole of the duty of excise specified thereon in the First Schedule :
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in column (3) of the Table hereto annexed and falling within the Heading of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the Excise Tariff Act), as are given in the
