The Government of India has decided to support local jewelry company, raising the threshold for levying excise duty on jewelry small businesses up to $ 1.5 million versus $ 0.9 million in an earlier version of the law. In addition, the authorities have refused tax on the goods being transported and eased some regulations the industry.
Ministry of Finance on July 13 adopted a recommendation jewelry Council and noted that the audit of the excise duty will not be conducted during the first two years for those companies that pay at least $ 0.015 million on excise duty (and whose turnover, respectively, is less than $ 1.5 million).
The Ministry has taken into account the large-scale protests by jewelers after entering the 1-percent excise tax for all jewelry except for silver, convening a subcommittee to interact with representatives of trade and industry on the issues of legal compliance, bookkeeping and administrative actions.
The Government of India has also decided to raise the threshold of matching traffic as the result of small jewelry business from $ 1.80 million to $ 2.25 million. At the same time the threshold payment of excise tax for small enterprises has been increased from $ 0.9 million to $ 1.5 million a year, and to $ 0, 12 million in March 2016.
In addition, the authorities will not require any plan for the territory of enterprises, which was previously required for the registration of excise tax when submitting the first bill-invoice to the tax authorities.
Moving jewelry that does not include their sale, will not be subject to excise duty, while excise regulators will not check transit checks. In addition, an optional scheme can pay for those jewelers who can not maintain a separate physical drains or records created and sold goods.
In conclusion, the Government accepted the proposal of the Subcommittee not to visit, not to inspect and detain workers in the jewelry enterprises.
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