Excise Duty On Jewellery

Gold Price Today: Gold jewellery prices vary in different parts of India due to factors such as excise duty, state taxes and making charges.

Gold jewellery prices vary in different parts of India - the second largest consumer of the precious metal - due to factors such as excise duty, state taxes and making charges.

Revenue officials will not arrest or prosecute jewellery manufacturers in cases where suspected excise duty evasion is less than Rs 2 crore, the Finance Ministry has said, in a move to address jewellers' concerns.

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.

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.

Cheering the government's move to relax excise duty norms on gold jewellery sales, shares of gold jewellers outperformed the markets today.

In a relief to jewellers, the government has increased Small Scale Industry (SSI) exemption limit to Rs 10 crore from Rs 6 crore, waived off the levy on sale of traded goods and relaxed various procedural norms.

The government on Friday extended by one month the time for jewellers to get registered with the central excise department, an official statement said.

Finance Minister Arun Jaitley on Thursday rejected demands, including from ally Shiv Sena, for rollback of one per cent excise duty on non-silver jewellery and asserted that jewellers will have to pay taxes.

Gold imports fell sharply by 67.33 per cent to 19.6 tonnes in April 2016 as jewellers' strike opposing one per cent excise duty on non-silver jewellery significantly hit demand for the metal, according to gold and silver refiner MMTC Pamp.

Finance Minister Arun Jaitley today said that jewellers will have to pay one percent excise duty on gold, reiterating the government's stand despite widespread protest from the traders.

Government in Rajya Sabha on Thursday refused to budge from its stance on levying one per cent excise duty on non-silver jewellery saying luxury items cannot be kept out of tax ambit for perpetuity, prompting a walk-out by members of the Congress and SP.

Government in Rajya Sabha on Thursday refused to budge from its stance on levying one per cent excise duty on non-silver jewellery saying luxury items cannot be kept out of tax ambit for perpetuity, prompting a walk-out by members of the Congress and SP.

The government has, meanwhile, set up a committee under former Chief Economic Advisor Ashok Lahiri to look into demand of agitating jewellers and also into their grievances with regard to compliance and operating procedures for payment ofexcise duty.

Indian jewellers have been on an indefinite strike since the beginning of March 2016 protesting against the Budget proposal to levy 1 per cent excise duty on non-silver jewellery.

Gold Price Today: Gold jewellery prices vary in different parts of India due to factors such as excise duty, state taxes and making charges.

Gold jewellery prices vary in different parts of India - the second largest consumer of the precious metal - due to factors such as excise duty, state taxes and making charges.

Revenue officials will not arrest or prosecute jewellery manufacturers in cases where suspected excise duty evasion is less than Rs 2 crore, the Finance Ministry has said, in a move to address jewellers' concerns.

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.

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.

Cheering the government's move to relax excise duty norms on gold jewellery sales, shares of gold jewellers outperformed the markets today.

In a relief to jewellers, the government has increased Small Scale Industry (SSI) exemption limit to Rs 10 crore from Rs 6 crore, waived off the levy on sale of traded goods and relaxed various procedural norms.

The government on Friday extended by one month the time for jewellers to get registered with the central excise department, an official statement said.

Finance Minister Arun Jaitley on Thursday rejected demands, including from ally Shiv Sena, for rollback of one per cent excise duty on non-silver jewellery and asserted that jewellers will have to pay taxes.

Gold imports fell sharply by 67.33 per cent to 19.6 tonnes in April 2016 as jewellers' strike opposing one per cent excise duty on non-silver jewellery significantly hit demand for the metal, according to gold and silver refiner MMTC Pamp.

Finance Minister Arun Jaitley today said that jewellers will have to pay one percent excise duty on gold, reiterating the government's stand despite widespread protest from the traders.

Government in Rajya Sabha on Thursday refused to budge from its stance on levying one per cent excise duty on non-silver jewellery saying luxury items cannot be kept out of tax ambit for perpetuity, prompting a walk-out by members of the Congress and SP.

Government in Rajya Sabha on Thursday refused to budge from its stance on levying one per cent excise duty on non-silver jewellery saying luxury items cannot be kept out of tax ambit for perpetuity, prompting a walk-out by members of the Congress and SP.

The government has, meanwhile, set up a committee under former Chief Economic Advisor Ashok Lahiri to look into demand of agitating jewellers and also into their grievances with regard to compliance and operating procedures for payment ofexcise duty.

Indian jewellers have been on an indefinite strike since the beginning of March 2016 protesting against the Budget proposal to levy 1 per cent excise duty on non-silver jewellery.