Date of applicability of excise duty on jewellery

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Hemant Dugar (Querist)
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01 March 2016 Please tell me what is date of applicability of Excise Duty on Gold and Diamond Jewellery according Budget 2016?
In Budget 2016 1 percent Duty levi on Jewellery but Date of applicability not found

Arun Kumar Singh

Arun Kumar Singh (Expert)
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04 March 2016 with effect from 1.3.2016. you need to consult with any professional.

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Hemant Dugar

Hemant Dugar (Querist)
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04 March 2016 I want to understand what procedure of levi of excise on jewellery

Arun Kumar Singh

Arun Kumar Singh (Expert)
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05 March 2016 Excise duty of 1% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones] with a higher threshold exemption upto Rs. 6 crore in a year and eligibility limit of 12 crore. Thus, a jewellery manufacturer will be eligible for exemption from excise duty on first clearances upto Rs. 6 Crore during a financial year, if his aggregate domestic clearances during preceding financial year were less than Rs. 12 crore. In other words, jewellery manufacturer having aggregate value of clearances in a financial year exceeding Rs. 12 crore, will not be eligible for this threshold exemption in the subsequent financial year. Necessary amendments have been made in notification No.8/2003-Central Excise, dated 01.03.2003 in this regard.

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