Date of applicability of excise duty on jewellery

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Hemant Dugar (Querist)

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)

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)

04 March 2016 I want to understand what procedure of levi of excise on jewellery

Arun Kumar Singh

Arun Kumar Singh (Expert)

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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