1. Whether Excise duty is leviable on sale of Gold Bars/ Bricks purchased and sold as it is by a Excise Manufacturer of Jewellery ???
2. Whether it would make any difference is purchased from -
(a) an entity registered under Excise.
(b) an entity not registered under Excise.
Excise Duty Applies to Manufacturing, Not Sale of Gold Bars; Duty-Paid Bars Exempt from Further Duty. A discussion on the applicability of excise duty on the sale of gold bars or bricks by a jewelry manufacturer concluded that excise duty is levied on the manufacture of goods, not on their sale. If purchased from a registered excise entity, credit for duty paid can be claimed; otherwise, it cannot. Selling duty-paid bars incurs no further duty. If the duty status is unclear, the bars may be considered smuggled, invoking customs and FEMA regulations. Additionally, VAT or CST would apply to the sale. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
