SHILLONG: With the hue and cry in the nation over the Center’s bid to re-impose excise duty on gold and diamond jewellery to curb inflation in the country, the Central Excise has allayed the fear.
The Finance Minister Arun Jaitley had proposed to levy 1 per cent excise duty on jewellery without input credit or 12.5 per cent excise with input credit in Union Budget.
J.K. Simte, Additional Commissioner, Central Excise, in a press conference on Wednesday clarified as to the intention of levying the excise duty.
“Only if the turnover of the jeweler during the preceding financial is more than Rs 12 crore, they will be liable to pay the excise duty. Jewelers having turnover below Rs 12 crore during the preceding financial year will be eligible for exemption unto Rs 6 crore during the next financial year. Such small jewelers will be eligible for exemptions upto Rs 50 lakh for the month of March, 2016,” Simte said.
He stated that articles of silver jewelry excluding studded with diamonds, ruby emerald or sapphire are exempted from the duty.
