The government on Saturday extended the time limit for jewellery establishments to register with the central excise department, while simultaneously asking them to settle the excise dues for the March-May period along with that of June, 2016 by July1, 2016.
“The central government has extended the time limit for taking central excise registration of an establishment by a jeweller up to July 1, 2016. However, the liability for payment of central excise duty is with effect from 1st March, 2016. The assessee jewellers may make the payment of excise duty for the months of March, 2016; April, 2016 and May, 2016 along with the payment of excise duty for the month of June, 2016,” said a government release.
The jewellers, central board of excise and customs said, are liable to pay excise duty with effect from March 1, 2016.
Finance minister Arun Jaitley had in Budget on February 29 imposed 1 per cent excise duty on non-silver jewellery which led to widespread protests by jewellers. The agitation, however, was temporarily called off on April 13 following assurances from the government that there will be no harassment by tax officials. On Friday, a month after announcing the constitution of a sub-committee under the High-Level Committee to look into imposition of excise duty on jewellery, the government announced the names of its representatives on the panel. The sub-committee, headed by former chief economic adviser Ashok Lahiri, has other members, including legal expert Rohan Shah, commerce ministry joint secretary Manoj Kumar Dwivedi, Central Board of Excise and Customs (CBEC) joint secretary in Tax Research Unit Alok Shukla and Gautam Ray. Representatives from the industry will be appointed to the sub-committee shortly, the statement had said. The panel shall consider all issues related to compliance procedure for excise duty, records to be maintained, operating procedures and all other relevant issues, it said. The CBEC has also asked all associations or trade and industry to submit their representations before the committee by emailing to ‘email@example.com’.
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