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EXCISE DUTY STUDDED ON JEWELLERY BY BUDGET 2016

Budget - By: - Pradeep Jain - Dated:- 2-3-2016 - Introduction:- 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 jewe .....

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ces in a financial year exceeding ₹ 12 crore, will not be eligible for this threshold exemption in the subsequent financial year. Since the excise duty is to be levied w.e.f. 1.3.2016; the proportionate SSI exemption of ₹ 50 lacs has been fixed for the month of March. This exemption shall be available only if value of clearances for home consumption from one or more manufacturer from one or more factory or premises of production or manufacture during the financial year 2014-15 did no .....

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lery, other than those studded with diamond, ruby, emerald or sapphire is being continued. The effect being that all types of jewellery items except pure silver jewellery are now subject to excise duty @ 1% provided facility of Cenvat Credit is not availed. Options regarding Rates of excise duty:- If the benefit of notification no. 12/2012-CE is not availed, the excise duty @ 12.5% can be paid with Cenvat facility. Thus, the two options are being given to jewelers:- Excise duty of 1% (without CE .....

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.02.2016 will attract excise duty at the time of clearance. To claim the Cenvat Credit, CA certificate will be required on the stock declaration of finished goods, goods-in-process and inputs as on 29.02.2016. However, no stock declaration will be required to be made to the jurisdictional central excise authorities. Registration will be granted within two working days from the date of application. Documents maintained by the jewellery manufacturers for State VAT or Bureau of Indian Standards (in .....

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of 1%/2% without CENVAT credit under notification No.1/2011-CE. The duty liability will be on the person who gets articles of jewellery made from the job worker, thus, all the excise formalities will have to be carried out by him rather than job worker. The above are the simple steps to be taken by the jewelers for getting registered and to help them overcome the difficulties faced during transitional period. Special provision for returned goods:- TRU letter issued vide D.O.F. no. 334/8/2016-TR .....

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