Budget 2012 - Excise amendments relating to Branded Metal Jewellery and Ready Made Garments

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..... Budget 2012 - Excise amendments relating to Branded Metal Jewellery and Ready Made Garments
By: - CSSwati Rawat
Central Excise
Dated:- 17-3-2012

GOLD JEWELLEREY EXCISE DUTY - BRANDED PRECIOUS METAL JEWELLERY - To include jewellery, not bearing a brand name, under the ambit of levy of excise duty of 1 per cent on branded precious metal jewellery . to simplify its operation and .....

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..... minimise its impact on small artisans and goldsmiths following need to be noted for the levy of excise:- * to charge this duty on tariff value equal to 30 per cent of the transaction value * to extend small-scale exemption up to annual turnover not exceeding `1.5 crore for units having a turnover below ` 4 crore in the previous year * to compute turnover on the basis of tariff value; .....

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..... and * to place the onus of registration and payment on the person who gets jewellery manufactured on job-work. Refined gold - Increased from 1.5 per cent to 3 per cent. This step is initiate to enhance the current account deficit as import of Gold contributes a major proportion in economic growth CUSTOM DUTY - Gold - Increase basic customs duty on standard gold bars, gold coins of purity .....

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..... exceeding 99.5 per cent and platinum from 2 per cent to 4 per cent and on non-standard gold from 5 per cent to 10 per cent. In sync with these, basic duty on gold ore, concentrate and dore bars for refining is being enhanced from 1 per cent to 2 per cent READYMADE GARMENTS - EXCISE DUTY - Increase in duty to 12 per cent and enhance the abatement to 70 per cent from the Retail Sale Price as com .....

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..... pared to 10 per cent with abatement of 55 per cent as earlier. As a result, the incidence of duty as a percentage of the Retail Sale Price would come down from 4.5 per cent to 3.6 per cent. Reply By Naveed S as = Its interesting to note that duty on Readymade garments has come down due to increase in abatement rate; even though the excise duty is increased from 10 to 12 %. Dated: 18-3-2012
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