The Central Board of Excise and Taxes (CBEC), said that the enhanced excise duty on non-branded gold jewellery will be paid by the manufacturers and the goldsmiths and artisans should not worry about the proposed 1 per cent excise duty on non-branded gold jewellery.
On the sidelines at an event organised by Assocham, Mr SK Goel, Chairman of Central Board of Excise and Taxes (CBEC), said, “As far as excise duty on non-branded gold jewellery is concern, we have liberalised way of implementing it. Goldsmith and artisan won’t have to pay duty.”
The duty will have to be paid by the jewellery manufacturers and the accounts will also be maintained by them.
Finance Minister Mr Pranab Mukherjee, has doubled the basic customs duty on standard gold bars to 4 per cent and non-standard gold to 10 per cent, in the Budget proposals for 2012-13. He has also announced the imposition of 1 per cent excise duty on unbranded jewellery.
The bullion traders in several parts of the country had gone on strike on March 17, registering their protest against the increase in excise duty and the doubling of customs duty on precious metals.
