Compliance relaxations for excise levy on jewellery industry accepted- (Ministry of Finance ) (13 Jul 2016)
The Central government accepted the recommendations of a Sub-Committee formed to interact with trade and industry on issues arising out of the recent levy of excise duty on jewellery.
The Committee had recommended on 23 June 2016 several policy relaxations to lessen the administrative and fiscal blow of the levy on jewellery traders and manufacturers. These included no requirement to submit any ground plan of the premises for taking excise registration; no excise duty payable on the sale of traded goods; and when a retail customer brings jewellery to a jeweller which is converted into new jewellery by the jeweller or a job worker of such jeweller, excise duty will be payable only on value addition, including cost of additional materials and labour charges charged.
The government also raised the SSI Eligibility limit from Rs. 12 crore to Rs. 15 crore; and SSI Exemption limit from Rs. 6 crore to Rs. 10 crore in one financial year.
Tags : EXCISE JEWELLERY SSI VALUATION