New Delhi: The committee headed by Ashok Lahiri wrought to interconnect with trade and industry legislature on the imposition of central excise duty on jewellery has deposited its story to the finance ministry previous week. According to the circular issued by the CBEC, the deadline for jewellers to get registered with the central excise department was extended till July 31. The sources also conveyed that jewellers can settle the excise dues for March-May along with that of June payments by July 31. An announcement from the administration conveyed that, Jewellers crossways the country have been known solitary additional month to record themselves with the central excise department. Finance minister Arun Jailtey, had declared a levy of 1% excise duty on all non-silver jewellery, which triggered a nation-wide complaint next to the administration.
Jewellers shut shop for in excess of 45 days, ensuing in losses operation into thousands of crores. Former, jewellers were asked to list with the excise department by July 1, but that has at the present been comprehensive by a month. The excise duties will be with effect from March 1, 2016, the Finance Ministry conveyed that, and jewellers can resolve the March-May duties down with the June duty by July 31. The Union Budget for 2016-17 had announced levy of 1 per cent excise duty, devoid of input tax credit, and 12.5 per cent excise duty with effort tax credit on all articles of jewellery. The declaration was followed by over two-week long strike by jewellers, prompting the finance ministry to give assurances to the jewellers about smallest amount border with the tax section. The finance ministry had declared procedures to be followed till the finalization of recommendations of the committee, which included not demanding the evaluation about cleanliness or heaviness of gold or silver given in the statement and a promise of no seize or criminal prosecution or search or seizure of stocks.