Skip to main content

Jewellers Assured Zero Interface with Taxman Over Excise Duty Levy

By
Keen to allay the apprehensions of jewellers over the 1% excise duty on gold ornaments, the government has promised “zero interface“ with the tax authorities and no inspection of premises after registration “Some jewellers have begun to come forwa rd to register,“ AK Gupta, chief commission er, excise, told reporters on Tuesday. “We ha ve promised them that no one would visit the ir premises.“ Jewellers went on strike after the levy was announced in the Budget.
Chief commissioners of all zones have be en directed by the Central Board of Excise ANIRBAN BORA and Customs to send out a strong message th at there will be no return of the inspector raj Gupta said authorities will also not seek any declaration of stock held before the Budget.
Finance minister Arun Jaitley had on Mon day made it clear that the levy was a precurs or to the goods and service tax (GST), rejecting demands for a roll back. He had proposed the excise duty on jewellers having a turnover of over Rs.12 crore, thereby keeping small manufacturers and job workers out of the tax net. Many states already tax the sector.
Delhi, Assam, Bihar, Himachal Pradesh, Tamil Nadu, Rajasthan and Gujarat levy 1% value added tax on gold jewellery while it's 5% in Kerala.“The day we get your (Congress) blessing and GST will be implemented, then all goods will come under GST and so will gold. This (1% excise duty proposal) is a preparation towards it,“ he said, while replying to a debate on the Budget in Lok Sabha on Monday. This is not applicable on small traders' and there will be no harassment of jewellers by tax officials.
He said clear instructions had been issued to field officers that no inspector will enter the premises of jewellery makers because there is a provision of self-certification.
The Economic Times, New Delhi, 16th March 2016

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more