Govt cracking down on illegal sales by jewellers in the last 4 days
The Dollar Business Bureau After receiving information that some jewellers had resorted to illegal transactions by selling gold to tax evaders who wanted to dispose off their unaccounted wealth, the central excise department got cracking on them. It has asked many jewellers to give a detailed account of the stock and sales made by them in the past four days. This is a follow-up to the income tax searches and raids done by the officials on Thursday and Friday. The DGCEI (Directorate General of Central Excise Intelligence) has sought a complete account from 25 jewellers in Mumbai and a stern warning given to 600 of them in 25 cities. A notice from the Department reads, “Please declare information regarding stock and sale of all ...
IT raid on jewellers engaging in illegal transactions due to demonetisation
The Dollar Business Bureau (Source: PTI) Taking advantage of the confusion arising due to the sudden announcement in the recalling of the Rs 500 and Rs 1000 notes by the Govt, it was brought to the notice of the income tax department on Wednesday and Thursday, that many tax evaders were engaging in illegal transactions to dispose off their unaccounted wealth. Taking cognizance of the same, the income tax department conducted multiple surveys in Delhi, Mumbai and other major Indian cities on both the days. That jewellery stores were messaging their customers assuring them of their services 24 hours a day, rasied many eyebrows. Buying gold from jewellers in cash without providing a permanent account number (PAN), backdated bills for high-value purchases and money ...
Gold, silver hit a soft patch as global cues turn weak
PTI Gold prices eased Rs.20 to Rs.30,750 per 10 grams at the bullion market on Saturday, in keeping with a weak trend overseas amid muted demand from jewellers and retailers at the domestic spot market. Silver followed suit and came off by Rs.75 to Rs.46,125 per kg due to reduced offtake by industrial units and coin makers. Traders attributed the fall in gold prices to a weak global trend where the precious metal headed for its first back-to-back weekly decline since May as gains in equities and the dollar ate into demand for the metal as a storage value. Globally, gold fell 0.65 per cent to $1,322.10 an ounce and silver 0.73 per cent to $19.59 an ounce in New York on Friday. In the ...
Govt asks Jewellers to pay excise dues by July 1
The Dollar Business Bureau The government asked jewellers to make the payments of central excise duty for March-May, in addition with the excise duty for the month of June. The government has also extended the time line for registering the central excise of an establishment till July 1, 2016. In a release, the Central Board of Excise and Customs (CBEC) said that assessee jewellers should make payments of their excise dues for March, April and May months, together with the payment of excise duty for the month of June. “However, the liability for payment of excise duty is with effect from March 1, 2016,” it said. The Board has also prolonged the time frame for registering an enterprise by a jeweller, till July 1, ...
Govt. clarifies jewellers concerns over imposition of excise duty
The Dollar Business Bureau In a relaxing move to jewellers who have been on strike asking for a rollback of 1% duty on certain jewellery articles, the government on Friday came out with simplified procedures offering them clarity on the same. Following the government’s move vide a notification on March 4, 4016 (key features of simplified procedures for imposition released), key representatives from the jewellery industry met the Revenue Secretary, GoI and CBEC Chairman on Thursday to raise concerns over duty imposition. The members were said to have expressed deep concern that duty re-imposition would bring back the old Gold Control Act, that would badly affect the growth of jewellers, especially that of goldsmiths and artisans. This will also bring back ...
Jewellers protest against excise duty on non-silver jewellery
The Dollar Business Bureau In the recent Union Budget presented by the Finance Minister Arun Jaitley, the government has proposed a 1% excise tax on jewellery with an aim to align gold with GST, which is expected to be implemented soon. “The proposal is not for small traders. However, jewellers are on strike since March 2 with the demand of withdrawal of excise duty on jewellery,” Jaitely said. In the Union Budget 2016, the government had announced an excise duty on non-silver Jewellery. Jaitley also mentioned that the excise duty is not valid for small traders but only for those with a Rs.12 crore turnover. They will also not be bothered by tax officials. Gems and jewellery industry has expressed disappointment ...
