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Clarifications on levy imposed on jewellery

Budget - Dated:- 4-3-2016 - 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. Some doubts have been expressed by the trade and industry regarding this levy. In that context, salient features of this levy are explained as under: Easy complian .....

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l Excise, pay duty and file returns, as all these obligations will be on the principal manufacturers [Rule 12AA of the Central Excise Rules, 2002]. There is a substantially high Small Scale Industries excise duty exemption limit of ₹ 6 crore in a year [as against normal SSI exemption limit of ₹ 1.5 crore] along with a higher eligibility limit of ₹ 12 crore [as against normal SSI eligibility limit of ₹ 4 crore]. Thus, only if the turnover of a jeweler during preceding fina .....

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