No arrest of jewellers in duty evasion below Rs. 2 cr

Revenue officials will not arrest or prosecute jewellery manufacturers in cases where suspected excise duty evasion is less than Rs. 2 crore, the finance ministry said, in a move to address jewellers’ concerns. There will be no excise audit for the first two years for jewellery manufacturers whose duty payment is less than Rs. 1 crore. Manufacturers whose duty payment is more than Rs. 1 crore and less than Rs. 3 crore may be audited once in every two years and in cases of those with duty payment of Rs. 3 crore, it could be done every year, the ministry clarified.

Business Standard New Delhi, 28th July 2016

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