TMI BlogBudget 2012 - Excise amendments relating to Branded Metal Jewellery and Ready Made GarmentsX X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 2012 - Excise amendments relating to Branded Metal Jewellery and Ready Made Garments - By: - Swati Dodhi - 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its operation and 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of tariff value; 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 bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic customs duty on standard gold bars, gold coins of purity 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and enhance the abatement to 70 per cent from the Retail Sale Price as compared 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; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even though the excise duty is increased from 10 to 12 %. Dated: 18-3-2012 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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