Valuation
This query is : Resolved
17 June 2016
Hi
Respected experts please calrify my doubt reagrding valuation of jewellery for excise purpose
Will the value of diamond be liable for excise duty in case of a diamond ring or only the gold portion will be liable for excise...
please clarify the doubt
thanks in advance
18 June 2016
Please refer to the Central Excise Tariff under Chapter 71 and accordingly in my view entire cost of ring (in the instant case) studded with diamond is excisable @12.5%.
Arun Kumar Singh
(Expert)
19 June 2016
1% excise duty will be applicable without cenvat credit on gold along with diamond.
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