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Government plans Sub-Committee to consider imposition of Central Excise duty on jewellery
Also extends deadline for taking central excise registration
By: Diamond World News Service
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Apr 25 2016 8:34AM
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Reference: 12938  

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The Finance Ministry in India plans to set up a Sub-Committee to consider imposition of Central Excise duty on jewellery. This Committee would be part of the current Ashok Lahiri panel (a High Level Committee), as per reports.

The members of the Sub-Committee, including officials from the tax, legal and government officials, will interact with the industry to understand their views on the said imposition, as per reports. Also, trade members who would be part of the Sub-Committee would be decided in consultation of with Dr. Ashok Lahiri, Chairman of the Sub-Committee.

Also, according to the government, the terms of reference of the Sub-Committee will comprise the issues of compliance procedure for the excise duty - records to be maintained, operating procedures and other related subjects. There would be an opportunity given to all associations to submit representation before the Sub-Committee in writing and for the all-India associations to state their case in person, as per reports.

The government in a separate announcement also informed extending the deadline for taking central excise registration of an establishment by a jeweller. The new time limit is upto July 1, as per reports. Although, the liability for payment of central excise duty is with effect from 1st March, 2016 and jewellers have been permitted to make the payments with July instalment, reports add.

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