Jewelers in India asked to register with excise

excise duty on jewelry
jewellers in India told to pay excise duty and get register their firm before July 1, 2016, / source via- business news
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 government today asked the jewellers to settle the excise dues for March-May along with that of June and get themselves registered with the central excise department by July 1.

Due to this, there was a wide protest and the rule was supposed to be called off or settled.

The Central Board of Excise and Customs (CBEC) has also extended the time limit for taking central excise registration of an establishment by a jeweller up to July 1, 2016.

The gems and jewellery industry is estimated to have incurred over Rs 1 lakh crore loss due to the 42-day strike beginning March 2. 

Jewellers have also been protesting against the mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above.
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