CBEC intervention in branded jewellery excise issue
05 Jan '06
1 min read
A controversy has been raging over excise duty payable by branded jewllery makers and the Finance Misitry has decided to intervene.
It is learnt that Central Board of Excise and Customs (CBEC) has directed its field offices to forward such cases to the Board.
The Finance Ministry informed that they have specified that cases where jeweller contests on not selling branded jewellery should not be subjected to excise duty purview unless observed by the filed office which will then redirect the case to the Board.
This follows a similar approach has been suggested in cases where the Commissioner is in doubt and not in a position to decide whether the particular jewellery is branded or not.
The past Union Budget 2005-06 had imposed 2 percent excise duty on branded jewelery.
It is reklaibly learnt that thr Finance Ministry will not take any hasty action to impose excise duty on such jewellery till the time as the Board declares its decision.
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