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Government constitutes a Sub-Committee under the aegis of the High Level Committee (HLC) on issues related to excise duty on different articles of jewellery imposed in Budget 2016-17; Committee to submit its Report within sixty days

Budget - Dated:- 22-3-2016 - In the Union Budget 2016-17, the Central Excise duty at the rate of 1% (without input tax credit) and 12.5% (with input tax credit) has been imposed on all articles of jewellery (except for silver jewellery, other than those studded with diamond, ruby, emerald or sapphire). A Sub-Committee of the High Level Committee has been constituted in this regard to interact with Trade & Industry on Tax Laws. The Sub-Committee will be chaired by Dr. Ashok Lahiri and will co .....

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ll be given an opportunity to submit representation before the Sub-Committee in writing and the all India associations to state their case in person. Terms of reference of the Sub-Committee will include the issues related to compliance procedure for the excise duty, including records to be maintained, forms to be filled including Form 12AA, operating procedures and any other issued that may be relevant. The Sub-Committee will submit its report within 60 days of its constitution. Till the recomme .....

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