Seeks to amend Notification No. 8/2003-Central Excise dated 17.03.2012 so as to carry out Budgetary changes - 08/2016 - Central Excise - Tariff

Exemption for first clearances of specified jewellery limited by aggregate caps and restricted input and capital goods credit usage.

The amendment adds an exemption from whole excise duty for first clearances of certain jewellery under chapter 7113, excluding most silver jewellery but including specified studded silver, subject to an aggregate annual value cap and a transitional lower cap for March. It bars manufacturers availing the exemption from claiming input duty credit or capital goods credit for affected clearances, excludes inputs used for goods bearing another person's brand where ineligible, and adjusts aggregate-clearance and branded-goods limitations, while treating clearances for home consumption to include exports to Bhutan.