No rollback on excise duty on jewellery
Posted on: 17/Mar/2016 9:38:07 AM
The Chief Commissioner of Central Excise has said that the government will not rollback the excise duty that was imposed on jewellery in the recent Budget. Jewellers have been protesting the charge.
Speaking about this, the Excise Commissioner Mr. J. M. Kennedy said, The move will not affect small jewellers including the artisans and goldsmiths as they are not required to register with central Excise. The 1 per cent excise duty will be imposed only on those manufacturers whose turnover during the preceding financial year exceeds Rs 12 crore. Small jewellers would be eligible for exemptions up to Rs 50 lakh for March 2016. Through a simple online registry, jewellers can get registered in two days. Payment can be done on monthly basis, with first instalment of the duty payment for the month of March 2016 to be paid by March 31. The procedure is based on self-assessment and voluntary compliance from the jewellers.
