Search
Tuesday 17 September 2019
  • :
  • :

Last Date for Registering Jewellers with Excise Department Remains 30th June

Apology letter from - JEWELLERY INFOMEDIA

The deadline for the excise registration on 30th June, 2016 remains same. As Arun Jaitely, Finance Minister, is out of country, the report from the High Level Committee on excise implementation is still pending. It is said that the official communication the report is expected in a day or two. Meanwhile the jewellers who qualify is said to complete the registration process. The returns to be filed will be for Mar 2016, then Apr to June 2016.  The threshold limit is 12crs for 2014-15 or 6 cr for 2015-16. Also limit for Mar 2016 is 50lakh and any one cross the above stated sales figures in manufactured jewellery should register. Only stocks lying with the karigars as on 29.2.16 when received back and sold after 1st March will attract the excise duty. Rest all traded and manufactured stock as on 29th Feb,2016 are exempted from ED and will be considered duty paid stock.  A 1% excise duty was imposed on gold items during the budget, but that led to the jewellers going on an indefinite strike. The govt did not budge to roll back the excise duty and a circular issued by the ministry of finance saying that the deadline for jewellers to get registered under excise rules has been extended to July 1. The tax will be applicable from March 1 itself, though. The dues for earlier months can be cleared together when the duty for June is finally paid. Speaking on the same lines, Fatehchand Ranka, Member-HLC (Excise Duty on Jewellery), Govt of India & Chairman, All India Action Committee on jewellery (AIACJ) said, “As it stands today, the deadline for excise registration is 30th June, 2016. When we met honourable Minister Piyush Goyal yesterday, he informed us that since the Finance Minister is out of the country, the report from the High Level Committee on excise implementation is still pending.




Leave a Reply

Your email address will not be published. Required fields are marked *

11 − 1 =