sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Customs and Excise »
 Central Board of Excise and Customs to be renamed CBIC by April
 Central Board Of Excise & Customs New Delhi GST Flyers
 Hike in customs duty on electronics likely to boost revenue collection
 Customs duty raised on electronic goods
 Ministry Of Finance (Central Board Of Direct Taxes) Notification
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
 Customs And Central Excise Drawback – Part II
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
 GST on Custom House Agents
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes

Govt may withdraw excise duty on gold jewellery
May, 05th 2012

Jewellers may heave a sigh of relief as the government may withdraw the new excise duty proposals on the sector.

In a decision to be taken next week, the finance ministry may remove the duty on both, branded and unbranded jewellery, while continuing with the basic Customs duty structure on gold bars.

The ministry had levied an excise duty of one per cent on branded precious metal jewellery in the Budget this year. In the Union Budget 2012-13, the finance ministry included unbranded jewellery under the excise duty structure.
However, jewellers may be subjected to scrutiny for extension of small-scale industry exemption, registration, etc, sources said.

According to sources close to the development, the proposal for tax collection at source (TCS) on purchase in cash of bullion or jewellery in excess of Rs 2 lakh may also get reviewed. Sources said in order to balance the concern of unaccounted funds getting routed through jewellery purchase and harassment to genuine consumers of gold, the threshold for collection of TCS at the rate of one per cent of the sale may be raised.

However, the ministry may continue with the basic Customs duty on standard gold bars, raised from two per cent to four per cent, while on non-standard gold it was raised from five per cent to 10 per cent . In addition to this, basic duty on gold ore, concentrate and dore bars for refining has been enhanced from one per cent to two per cent.

Sources said the Customs duty structure may be retained to address the concern of a growing current account deficit, 50 per cent of which is contributed by gold and other precious metal imports.

In the last financial year, the government had restructured the import duty on gold from an absolute basis to value-based. Accordingly. the import duty on gold was raised from a Rs 300 per 10g to two per cent of the value and import duty on silver was raised from Rs 1,500 a kg to six per cent of the value, to discourage imports and enable better utilisation of forex reserves.

Gold hit a record high on Friday at Rs 29,750 per 10g. Market sources said gold prices are sluggish in international markets and expected to rise only if the global economic situation worsens. They added the sharp fall in the value of the rupee was making the commodity expensive for Indians.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions