Tax dept promises easy process to jewellers for paying levy

Tax dept promises easy process to jewellers for paying levy

Jammu: Allaying fears of protesting jewellers over 1 per cent excise duty on non-silver jewellery, the tax department Tuesday said traders will be provided with a hassle-free process for the submission of the levy.
Speaking with reporters here, Central Excise Department Additional Commissioner K R Madhar said that field formations have been directed to grant hassle-free registration within two working days of submission of the registration applications.
“Jeweller’s private records or records for state VAT or records for bureau of Indian standards (BIS) will be accepted for all central excise purposes.
“Also there is no requirement to file a stock declaration to the jurisdictional central excise authority”, Madhar said.
Jewellers have been protesting the imposition of one per cent excise duty on non-silver jewellery items, while contending that small traders will face difficulty in paying the levy and may face harassment.
The Central Excise Department said if the turnover of a jeweller was more than Rs 12 crore he will be liable to pay the excise duty.
“If the turnover of a jeweller during preceding financial year was more than Rs 12 crore, he will be liable to pay the excise duty. Those having turnover below Rs 12 crore will be eligible for exemption upto Rs six crore during the next financial year”, Madhar said.
He said that such small jewellers will be eligible for exemption of upto Rs 50 lakh for the month of March 2016.
He said that the facility of optional centralise registration has also been provided and there was no need for jewellery manufacturers to take separate registration for his premises.
He said that excise duty is to be paid on monthly basis and not on each clearance. The Centre however has denied to rollback the budget proposal even as the strike by jewellers entered 14th day.

Leave a Reply

Your email address will not be published.