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Issue ID : 2873
- 0 -

Manufacture - whether conversion of bullion to coins is manufacure?

Date 07 Mar 2011
Replies4 Answers
Views 2937 Views

Dear Colleages

Please give a reply to my query ASAP !

We buy Gold Bars and bullion and convert into gold coins and bars of smaller denominations by outsorucing the converison to a gold refinery on a job work basis. Coins and bars are then packed in a tamper proof packet and our logo is embossed (by the refinery only). We market the same under our brand name (not registered).

New budget has brought in 1% / 5% Excise duty on gold. Will our process be covered under manufacture? Whether we are convered under the new levy?

Thanks in advance

 

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- 0
Replied on Mar 11, 2011
1.

Articles of jewellery manufactured or sold under a brand name, if maufactured, have been brought into central excise net i.e. 1% or 5% duty.

Gold bars are aleady under central excise net - see central excise notification no. 5/2006 read with 5/2011

- 0
Replied on Mar 11, 2011
2.

Further, gold coins in my view still falling under exemption list - Sr. no. 24 of central excise notification no. 5/2006 read with 5/2011

- 0
Replied on Mar 12, 2011
3.

Sir

But the most important question is whether this conversion is manufacture? If it is manufacture, I have to pay ED.

- 0
Replied on Jun 25, 2011
4.

Plz answer whats d effective rate of gold coin in india?

Old Query - New Comments are closed.

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