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When a retail customer brings jewellery (other than in form of gold or any precious metal) to a jeweller which is converted into new jewellery by the jeweller or a job worker of such jeweller, excise duty will be payable only on value addition, including cost of additional materials and labour charges.
This was a key concern of jewellers as the sector uses recycled gold to a very large extent.
"All these recommendations have been accepted by the government..... Independent of committee's recommendations, the government has also decided to increase — for manufacturers of articles of jewellery or parts of articles of jewellery or both — the SSI eligibility limit from Rs 12 crore to Rs 15 crore and the SSI exemption limit from Rs 6 crore to Rs 10 crore in a financial year and Rs 85 lakh for the month of March, 2016," a Central Board of Excise and Customs statement said on Wednesday.
Nov 21 (6 days ago)