Jewellers over Rs.12 crore turnover liable for 1% excise: FinMin
Finance Ministry said provisions have been made for easy compliance through use of online application for registration, payment of excise duty and filing of returns, with zero interface with the departmental officers
Source: PTI
Finance Ministry said provisions have been made for easy compliance through use of online application for registration, payment of excise duty and filing of returns, with zero interface with the departmental officers. "An artisan or goldsmith who only manufactures jewellery on job-work basis is not required to register with the Central Excise, pay duty and file returns, as all these obligations will be on the principal manufacturers," the statement said. For determination of eligibility for small scale industries exemption for the month of March or fiscal 2016-17, a certificate from a Chartered Accountant, based on the books of accounts for 2014-15 and 2015-16 respectively, would suffice. Also, facility of Optional Centralised Registration has also been provided. "Thus, there is no need for a jewellery manufacturer to take separate registrations for all his premises," it said. "Field formations have been directed to grant hassle free registrations, within two working days of submission of the registration application. Further, there will be no post registration physical verification of the premises," it said. The statement said jewellers' private records or records for State VAT or records for Bureau of Indian Standards (in the case of hallmarked jewellery) will be accepted for all Central Excise purposes. Also, there is no requirement to file a stock declaration to the jurisdictional central excise authorities, it said. Excise duty is to be paid on monthly basis and not on each clearance, with first instalment of duty payment for the month of March, 2016 to be paid by end of the month. Also, a simplified quarterly return has also been prescribed, for duty paying jewellers, it added. "This sector has remained untaxed. government's approach is that the whole economic activity should be captured in the system. Knowing the sensitivities, we have gone out of way in making this levy as simple as it could be. The businesses do not have to give a statement of the stocks they have been holding. Idea was this economic activity within the country should also be captured," CBEC Member Ram Tirath said.
March 04, 2016 | 06:35pm IST
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