Budget changes in excise duty for imitation jewelry, pearl, coins, precious metals as per HS code 71

Customs duty tariff rate changes as per Indian Budget 2017-18


Central Excise Duty changes as per Indian Budget 2017-18


Service Tax rate tariff Changes under Indian Budget 2017-18



(Updating soon after Budget 2017-18 on 1st February,2017 under text format and pdf format)

 

Budget 2016-17 changes in customs import duty tariff,excise duty and service tax

Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise

Indian Budget 2016-17, Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 2016-17 

 

As per Indian budget 2016-17,

 

1) Basic Excise Duty of 1% (without Cenvat Credit) and 12.5% (with Cenvat Credit) is being imposed on Articles of Jewellery [excluding articles of silver jewellery, other than those studded with diamonds, ruby, emerald or sapphire]. S. No. 199 of Notification No. 12/2012- Central Excise, dated 17th March, 2012 as amended by notification No. 12/2016-Central Excise dated 1st March, 2016 refers.

2) SSI threshold exemption for Articles of Jewellery [excluding articles of silver jewellery, other than those studded with diamonds, ruby, emerald or sapphire] is being increased to Rs. 6 crore in a year, with an eligibility limit of Rs. 12 crore in the preceding financial year. For the month of March, 2016, the SSI exemption for such articles of jewellery is being restricted to Rs. 50 lakh. Notification No. 8/2003-Central Excise, dated 1st March, 2003 as amended by notification No. 8/2016-Central Excise dated 1st March, 2016 refers.

3) Optional centralized registration is being extended to manufacturers of Articles of Jewellery [excluding articles of silver jewellery, other than studded with diamonds, ruby, emerald or sapphire]. Notification No. 5/2016- Central Excise (N.T.) dated 1st March, 2016 refers. 26

4) Requirement of post registration physical verification for manufacturers of Articles of Jewellery [excluding articles of silver jewellery, other than studded with diamonds, ruby, emerald or sapphire] is being done away with. Notification No. 35/2001-Central Excise (N.T.), dated 26th June, 2001 is being amended suitably by notification No. 6/2016- Central Excise (N.T.) dated 1st March, 2016 refers.

5) Basic Excise duty on Gold Bars manufactured from gold ore or concentrate; gold dore bar and silver dore bar is being increased from 9% to 9.5%. S. No. 189 of Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No. 12/2016- Central Excise dated 1st March, 2016 refers.

6) Basic Excise duty on Gold bars and gold coins of purity not below 99.5%, produced during the process of copper smelting is being increased from 9% to 9.5%. S. No. 191 (i) of Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No. 12/2016- Central Excise dated 1st March, 2016 refers.

7) Basic Excise duty on silver manufactured from silver ore or concentrate; silver dore bar and gold dore bar is being increased from 8% to 8.5%. S. No. 190 of Notification No. 12/2012- Central Excise, dated 17th March, 2012 as amended by notification No. 12/2016-Central Excise dated 1st March, 2016 refers.

8) Basic Excise duty on silver in any form, except silver coins of purity below 99.9%, produced during the process of copper smelting is being increased from 8% to 8.5%. S. No. 191 (ii) of Notification No. 12/2012- Central Excise, dated 17th March, 2012 as amended by Notification No. 12/2016- Central Excise dated 1st March, 2016 refers.

9) Basic Excise duty on silver produced during the process of zinc or lead smelting is being increased from 8% to 8.5%. S. No. 191A of Notification No. 12/2012- Central Excise, dated 17th March, 2012 as amended by notification No. 12/2016-Central Excise dated 1st March, 2016 refers.    Click here for full notification changes in Import Customs duty and excise duty under India Budget 2016-17  Import customs duty,Excise duty changes Budget 2016.pdf

 

 

Customs procedures to export imitation jewelry, pearls, precious metals, coin etc. (under chapter 71 of HS Code )

Processes to import imitation jewelry, pearls, stones, prec. metals, coins (Goods under Chapter 71 of HTS code)

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Import Excise tax for  pearls, natural or cultured, not strung or set in Indian Budget 2016-17

Rate of Excise duty for import of diamonds, worked or not, not mounted or set under Indian Budget

Any changes in import Excise duty for precious nesoi & semiprec stones, not strung as per recent Indian Budget

Present import Excise taxes for synth prec or semiprec stones etc, not strung as per new India Budget

Is import Excise duty applicable for  dust & powder of nat or synth prec or semipr stone in India Budget

Import Excise duty charges payable for silver (incl prec plated), unwr, semimfr or powder in India as per recent Budget

Import Excise tax to be paid for base metals clad w silver not frth wkd than smmnfctrd in India  under  new Budget 2016-17

Percentage of import Excise duty for gold (incl put plated), unwr, semimfr or powder in Indian Budget

Import Excise tax charges for base metal or silver clad w gld not frtr wkd th smmnfctrd as per recent India Budget

Import Excise duty charges for platinum, unwrought, semimfr forms or in powder fm under Budget 2016-17

Government Excise tax to import base metal a slv a gld cld w put nt fr wkd th smnfctd

Government Excise duty expenses to import waste & scrap of prec metal or metal clad w prec metal

Import Excise tax for  articles of jewelry & parts, of prec metal or clad in Indian Budget 2016-17

Rate of Excise duty for import of articles of goldsmith/silversmith wares, prec metal under Indian Budget

Any changes in import Excise duty for articles of or clad with precious metal as per recent Indian Budget

Present import Excise taxes for articles of natural or cut pearls, prec/semprc stones as per new India Budget

Is import Excise duty applicable for  Imitation jewelry in India Budget

Import Excise duty charges payable for coin in India as per recent Budget


Comments


atul shah: is there execise duty imposed on jewellery

Abhishek Maharaj : I would like to know about export of work of art, like Indian traditional jewellery, cloth, bag etc. So sir can you guide me how I can execute it. Because I don't know how it works. And how can i get the genuine buyer and order. I am fresher in this field but I am interested in it export. So kindly give me the guidelines regarding this.

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