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Govt announces relief for gold jewellery industry to offset excise duty levied in Budget
The government has announced fresh relief measures for gold jewellery industry to soften the impact of the excise duty levied in the budget. The eligibility limit for those facing the tax has been raised to Rs 15 crore from Rs 12 crore earlier and the government also accepted recommendations of former chief economic advisor Ashok Lahiri panel on host of procedural relaxations to give relief to the gold jewellery industry that had led a vociferous nationwide protest after imposition of excise duty.
The government’s decision to exempt small scale jewellers from excise duty will give a boost to the trade, the gems and jewellery industry said on Thursday.
“On behalf of GJF, we appreciate the government’s support towards the gems and jewellery industry. This will boost the trade as the industry was eagerly awaiting the clarifications on the levy of excise duty,” All India Gems and Jewellery Trade Federation (GJF) chairman G V Sreedhar said.
He also urged the government to further support the industry by raising the PAN card limit from the current Rs 2 lakh to Rs 10 lakh.
“This is surely a sigh of relief for the trade, as the government has simplified many procedural and compliance hurdles pertaining to the excise duty. We are hopeful that the government will soon issue notifications and circulars on all points considered and accepted,” GJF director Ashok Minawala said.
Echoing the view, GJF director Bachhraj Bamalwa said, “Many important issues has been accepted by the government for the betterment of the trade. We, as a federation, have also played a pivotal role during the entire excise matter and will always strive for progress, promotion and protection of the trade.”
PNG Jewellers CMD Saurabh Gadgil said, “The government has announced relief measures for gold jewellery industry to soften the impact of the excise duty levied in the budget.”
In view of the upcoming festive season — Dussehra and Diwali, the government increasing small scale industry (SSI) eligibility will ultimately help manufacturers to cover the loss this season, he added.
The government on Wednesday increased excise duty exemption limit for small scale industry to Rs 10 crore from Rs 6 crore, waived the levy on sale of traded goods and relaxed various procedural norms.
Also, the Finance Ministry said no excise audit will be carried out, for the first two years, for units whose duty payment is less than Rs 1 crore (that is turnover of manufactured goods less than Rs 100 crore).
Jewellery stocks on Thursday jumped by up to 10 per cent after the government increased excise duty exemption limit for the small scale industry to Rs 10 crore from Rs 6 crore that could bring relief to gold jewellers.
On Wednesday, it also decided to waive the levy on sale of traded goods and relaxed other procedural norms.
Shares of Tara Jewels soared 10.21 per cent, Shree Ganesh Jewellery House 9.5 per cent and Gitanjali Gems 4.53 per cent on BSE.
Tribhovandas Bhimji Zaveri rose 4.3 per cent, PC Jeweller 3.53 per cent and Titan Company 2.77 per cent.
Accepting the recommendations of a panel, the Finance Ministry yesterday said no excise audit will be carried out for the first two years for units whose duty payment is less than Rs 1 crore (that is turnover of manufactured goods less than Rs 100 crore).
In view of large-scale protests by jewellers following Budget proposal of 1 per cent excise duty on non-silver jewellery, the government had set up a sub-committee to interact with the industry on issues relating to compliance, maintenance of records and other administrative matters.
The government has also decided, independent of the committee’s recommendations, to increase for jewellery manufacturers “the SSI eligibility limit from Rs 12 crore to Rs 15 crore and the SSI exemption limit from Rs 6 crore to Rs 10 crore in a financial year and Rs 85 lakh for March 2016”.
INMACS Management Services Limited
- Edition : 2016 Edition
- Date of Publication : August 2016
- ISBN No.: 9789386189240
- Binding : Paperback
- No. Of Pages : 176
- Weight (Kgs) : 0.18
INR 275 | USD 15
Inclusive of taxes
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Originally published at www.taxmann.com.