Simplified Excise norms for Jewellery Sector notified
In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985.
Subsequent to that, the Government had set up a Sub-Committee of the High Level Committee, headed by Dr. Ashok Lahiri to interact with Trade & Industry on issues relating to procedure and compliance relating to excise duty of articles of jewellery.
The Sub-Committee has given its report on 23.06.2016, which has been accepted by the Government. In this connection, the Central Government has issued following notifications and circulars to give effect to the Sub-Committee’s recommendations