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Government accepts the recommendations of Sub-Committee of the High Level Committee to interact with Trade & Industry on Tax Laws on issues relating to compliance procedure for the excise dutyrecords to be maintained and other relevant administrative issues

News and Press Release - Dated:- 14-7-2016 - Government has also decided to increase the SSI Eligibility limit and SSI Exemption limit for manufacturers of articles of jewellery or parts of articles of jewellery or both. In this year s Budget, a nominal excise duty of 1% [without input and capital goods credit] or 12.5% [with input tax credit] has been imposed on articles of jewellery with simplified procedures. In this connection, the Central Government had constituted a Sub-Committee of the Hi .....

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payable atfirst sale invoice value; c) in case the invoice does not show excise duty separately, the value for VAT will be treated as cum duty value [value + excise duty]; d) no excise duty may be payable on the sale of traded goods; e) records maintained for State VAT and other private records, showing details of inputs, stocks, manufactured goods, sold/exported goods, etc. to be accepted for excise purposes. Stock details to be maintained on weight and caratage basis; f) movement of jewellery .....

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ly on value addition, including cost of additional materials and labour charges charged, subject to the maintenance of certain records; h) Repairs and alterations, which do not change the identity, character and use of the goods and do not result in a new item is not manufacturing and may not attract excise duty; i) excise duty of 1 % without input and capital goods tax credit or 12.5 % with credit may apply to parts of articles of jewellery, made of platinum, gold and silver; j) an optional sch .....

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