Taxability of jewellery stock clarified: pre budget stock exempt; job worker stock taxable on first sale via self assessment. All finished jewellery manufactured and removed on or before February 29, 2016, and lying at the principal manufacturer's premises or sent on approval to customers shall not be liable to excise duty and require no stock declaration. Jewellery and work in progress lying with job workers or other manufacturing premises as on that date must be subject to self assessment of excise duty by the manufacturer or principal manufacturer when received on or after March 1, 2016 and at the point of first sale pursuant to the Articles of Jewellery (Collection of Duty) Rules, 2016.
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Taxability of jewellery stock clarified: pre budget stock exempt; job worker stock taxable on first sale via self assessment.
All finished jewellery manufactured and removed on or before February 29, 2016, and lying at the principal manufacturer's premises or sent on approval to customers shall not be liable to excise duty and require no stock declaration. Jewellery and work in progress lying with job workers or other manufacturing premises as on that date must be subject to self assessment of excise duty by the manufacturer or principal manufacturer when received on or after March 1, 2016 and at the point of first sale pursuant to the Articles of Jewellery (Collection of Duty) Rules, 2016.
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