Recently the Central Government said that the time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. According to the recent announcement by the Central Board of Excise and Customs regarding the imposition of Central Excise duty on Jewellery is announced extended of time limit for taking central excise registration and payment of duty.
The liability for payment of central excise duty will be with effect from 1st March, 2016. However, assessee jewellers may make payment of excise duty for the months of March, 2016; April 2016 and May, 2016 along with the payment of excise duty for the month of June, 2016 upto the extended date of 31.07.2016.
It is known that the provisions had been made under the budget 2016-17 by the Union government & announced 1% excise levy!