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{"id":2703,"date":"2016-03-02T12:35:56","date_gmt":"2016-03-02T07:05:56","guid":{"rendered":"https:\/\/taxclick.org\/?p=2703"},"modified":"2016-03-02T12:37:08","modified_gmt":"2016-03-02T07:07:08","slug":"excise-duty-studded-on-jewellery-by-budget-2016","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/miscellaneous\/excise-duty-studded-on-jewellery-by-budget-2016\/","title":{"rendered":"Excise Duty Studded On Jewellery By Budget, 2016"},"content":{"rendered":"

Introduction:-<\/u><\/strong><\/h3>\n

It is the most expensive amendment ever\u2026 Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds\/other precious stones]. Thus, all the jewellery items except pure silver jewellery will now be subject to excise duty w.e.f. 1.3.2016. This article is about the changes brought by the recent budget with respect to jewellery.
\n<\/strong><\/p>\n

Separate Threshold:-<\/u><\/strong><\/h3>\n

Notification no. 8\/2003-CE dated 1.3.2003 which prescribes the threshold exemption for the small scale manufacturers have been amended to incorporate the separate threshold for jewellery.\u00a0 According to amendments made, if the turnover of jeweler does not exceed Rs. 12 crores in previous financial year, no excise duty will be payable upto clearance of Rs. 6 crores in current financial year. In other words, jewellery manufacturer having aggregate value of clearances in a financial year exceeding Rs. 12 crore, will not be eligible for this threshold exemption in the subsequent financial year. Since the excise duty is to be levied w.e.f. 1.3.2016; the proportionate SSI exemption of Rs. 50 lacs has been fixed for the month of March. This exemption shall be available only if value of clearances for home consumption from one or more manufacturer from one or more factory or premises of production or manufacture during the financial year 2014-15 did not exceed Rs. 12 crores.
\n<\/strong><\/p>\n

Amendment in Notification no. 12\/2012-CE:-<\/u><\/strong><\/h3>\n

Entry no. 199 to the notification no. 12\/2012-CE allowed the exemption to all types of jewellery items falling under tariff heading 7113. This notification has been amended vide notification no. 12\/2016-CE dated 1.3.2016 and now excise duty @ 1% is leviable on articles of jewellery provided no Cenvat Credit is taken under provisions of Cenvat Credit Rules, 2004. However, exemption already available to articles of silver jewellery, other than those studded with diamond, ruby, emerald or sapphire is being continued. The effect being that all types of jewellery items except pure silver jewellery are now subject to excise duty @ 1% provided facility of Cenvat Credit is not availed.
\n<\/strong><\/p>\n

Options regarding Rates of excise duty:-<\/u><\/strong><\/h3>\n

If the benefit of notification no. 12\/2012-CE is not availed, the excise duty @ 12.5% can be paid with Cenvat facility. Thus, the two options are being given to jewelers:\u2013<\/p>\n