Excise Articles

State governments offer incentives for setting up industries in the Backward regions and generating employment. The eligible amount of subsidy is determined and capped as per capital invested and employment generated by a unit. The subsidy to be granted is determined also on the basis of ..

Posted in Excise |   1626 Views

In order to carry business activities we need cash. It is required to purchase raw material, to pay for transportation, to pay for the numerous activities which are essential to run the business. Similarly, many a times the cash is received for the goods sold or services rendered and undisputedly it..

Posted in Excise  3 comments |   1914 Views

This write up is to update you on the recent developments on applicability of Excise on Gems and Jewellery Industry. On the basis of Circular No. 1040 /28 /2016-CX to No. 1045 /33 /2016-CX ;  and Notification No.'s 26/2016-Central Excise to 29/2016-Central Excise;  No.’s 33/..

Posted in Excise |   808 Views

In this year’s Budget, a nominal excise duty of 1% [without CENVAT Credit on Capital Goods and Inputs]and 12.5% [with CENVAT Credit on Capital Goods and Inputs] has been imposed on articles of jewellery [excluding silver jewellery, other than studded with diamonds or other precious stones] w.e..

Posted in Excise  6 comments |   4236 Views

Union budget 2016-17 has introduced levy of excise duty on making of jewellery. With the levy, jewellers feared that the ‘Inspector rajya’ would be back and this fear led to a widespread outrage among the jewellers for non acceptance of levy of excise duty on making of jewellery, thereby..

Posted in Excise  2 comments |   2856 Views

The judicial precedent always plays vital role to clarify the law particularly when statute is not clear cut in regard to any issue. There is the same situation in the case of demand of interest on delayed payment of Central Excise Duty. The Central Excise Act, 1944 provides provision for recovery o..

Posted in Excise  1 comments |   1478 Views

The scheme of levy and collection of Central Excise duty on articles of Jewellery is as under: (a) The levy and collection of Central Excise Duty is on the manufacture of Jewellery (excluding silver Jewellery, not studded with diamonds, ruby, emerald or sapphire). (b) It is applicable to both ..

Posted in Excise |   4834 Views

Background Excise Duty has been imposed on the article of jewellery in the Union Budget 2016-17. There has been protest by trade fearing the nuisances of excise. There fear is not without justifiable reasons considering the rigorous provisions of Gold Control Act, 1968 which they were subjected t..

Posted in Excise  3 comments |   4555 Views

 Background Registration with tax authorities is first step for any assessee to make compliance with the law and similar is the case for jewelers who have been brought within excise ambit in Budget 2016-17. But it is very interesting that special provisions have been made for registration of..

Posted in Excise |   4403 Views

The new assessee engaged in manufacture of jewellery may find it difficult to cope with compliance requirements under Central Excise law. The liability starts from 1st March 2016 though some procedural relaxations provided to the Jewellery segment. Therefore, it would be essential for the assesse..

Posted in Excise  2 comments |   3634 Views

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