Recently the Sub-Committee of the High Level Committee (HLC) recommended to the government on the issue of 1% Excise levy. The Committee said to interact with Trade & Industry on Tax Laws on issues relating to compliance procedure for the excise duty & Government accepted their recommendations.
All India Gems & Jewellery Trade Federation (GJF), welcomes this move by the Government wherein major trade hurdles on levy of excise duty are acknowledged and accepted, such as; increase in SSI eligibility limit from 12 crores to 15 crores and 6 crore to 10 crore in a financial year and Rs. 85 lakh for the month of March, 2016 from the earlier 50 lakh, excise duty on jewellery payable on first sale invoice value, goods in transit will not be excisable, exchange of old gold ornaments into new ornaments excise duty will be charged only on value addition and many more points that are accepted by Govt. will provide an alleviation to the trade.
Mr. G V Sreedhar, Chairman – GJF, said “On behalf of GJF, we whole heartedly appreciate the Government’s support towards the Gems & Jewellery industry. This will boost the trade as the industry was eagerly awaiting the clarifications on the levy of excise duty. We request our Government to continue their support to the industry by also raising the PAN card limit.”
Mr. Ashok Minawala, Director – GJF, said “This is surely a sigh of relief for the trade, as the Government has simplified many procedural & compliance hurdles pertaining to the excise duty. We are hopeful that Government will soon issue TRU notifications and circulars on all points considered and accepted.”
Mr. Bachhraj Bamalwa, Director – GJF, said “Many important issues has been accepted by the Government for the betterment of the trade. This also exhibits the relentless efforts and coherent understanding in details of the excise issues by the HLC. GJF has also played a pivotal role during the entire excise matter and will always strive for progress, promotion and protection of the trade.”