Excise duty liability on jewellery stock as on 29.02.2016
This query is : Resolved
DEVENDER THAKUR
(Querist)
08 August 2016
As per the Circular no. 1043/31/2016-CX it is mentioned that " No Excise duty will be payble on the sale of traded article of jewellery on which appropriate excise duty including nil duty has already been paid. Does this mean that no Excise to duty is payble on traded stock lying in the stock as on 29.02.2016 as earlier non branded jewellery was not liable to pay excise duty.
Neljo Davis ACA
(Expert)
16 August 2016
Please refer the circular 1045/33/2016-CX. All the jewellery manufactured and cleared on or before 29/02/2016 is not liable to excise duty even if the same is lying in the branches of the principle manufactures or sent on approval to potential customers.
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