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of <h1>Government Sets New Excise Duty on Jewellery; Forms Committee for Industry Engagement and Compliance Review.</h1> The Union Government has imposed a Central Excise duty on jewellery at 1% without input tax credit and 12.5% with input tax credit, excluding certain silver items. A Sub-Committee of the High Level Committee has been formed to engage with the trade and industry on tax laws. This committee will include trade representatives, a legal expert, and officials from the Ministry of Commerce and Industry and the Central Excise Department. The Sub-Committee will address compliance procedures and submit a report within 60 days. Until then, specific guidelines on payments, valuation, and enforcement actions are provided to ensure smooth implementation.
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