CBEC clarifies on Levy of Excise Duty on Precious Metal Jewellery

PRESS INFORMATION BUREAU

GOVERNMENT OF INDIA

*****

CBEC CLARIFIES ON LEVY OF EXCISE DUTY ON PRECIOUS METAL JEWELLERY

New Delhi.: Phalguna 30, 1933

March 20, 2012

Press reports after the presentation of the budget on 16.03.2012 indicate that the full import of the provisions contained in the legislation related to the levy of excise duty of 1% on precious metal jewellery are not clear to the trade.

In the Budget for 2011-12, full exemption from Central Excise duty was withdrawn on 130 items which were being charged to State VAT in a bid to signal movement towards the Goods and Services Tax (GST). As part of this proposal, with effect from 1st March, 2011, Government levied an excise duty of 1% on precious metal jewellery – but only on goods manufactured or sold under a brand name. This rate was applicable if no Cenvat credit of duty paid on inputs or input services is taken. There have been disputes about the interpretation of the term “branded” jewellery as unlike other goods the brand name is not always affixed on the goods themselves.

Tariff Value Notified by CBEC for Palm Oil, Palmolien, Crude Soyabean Oil, Brass Scarp, Poppy Seed, Gold & Silver

[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY]

Government of India

Ministry of Finance

(Department of Revenue)

(Central Board of Excise and Customs)

Notification No. 24/2012 - Customs (N. T.)

New Delhi, 22^nd of  March, 2012

2 Chaitra, 1934 (SAKA)

            S.O.    (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.) dated, the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

In the said notification, for TABLE-1 and TABLE-2, the following Tables shall be substituted namely:-

“TABLE-1

S. No.	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value US $ (Per Metric Tonne)
(1)	(2)	(3)	(4)
1	1511 10 00	Crude Palm Oil	447 (i.e. no change)
2	1511 90 10	RBD Palm Oil	476 (i.e. no change)
3	1511 90 90	Others – Palm Oil	462 (i.e. no change)
4	1511 10 00	Crude Palmolein	481 (i.e. no change)
5	1511 90 20	RBD Palmolein	484 (i.e. no change)
6	1511 90 90	Others – Palmolein	483 (i.e. no change)
7	1507 10 00	Crude Soyabean Oil	580 (i.e. no change)
8	7404 00 22	Brass Scrap (all grades)	4214 (i.e. no change)
9	1207 91 00	Poppy seeds	2439 (i.e. no change)

TABLE-2 

S. No.	Chapter/ heading/ sub-heading/ tariff item	Description of goods	Tariff value (US $)
(1)	(2)	(3)	(4)
1	71	Gold, in any form in respect of which the benefit of entry at Sr. No. 321 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed	530 per 10 grams
2	71	Silver, in any form in respect of which the benefit of entry at Sr. No. 322 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed	1036 per kilogram(i.e. no change)”

[F. No. 467/01/2012-Cus.V]

(Abhinav Gupta)

Under Secretary to the Government of India

Note: - The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide Notification No. 36/2001–Customs (N.T.) dated, the 3^rd August, 2001, vide number S. O. 748 (E), dated, the 3^rd August, 2001 and was last amended vide Notification No. 23/2012-Customs (N.T.) dated, the 22^nd March, 2012, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number  S. O. ________ (E) dated, the 22^nd March, 2012.

CG extends the period of anti-dumping duty on imports of Flat Base Steel Wheels from China PR

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 16/2012-Customs (ADD)

New Delhi, dated the 20^th March, 2012

           

            G.S.R.   (E). -Whereas, the designated authority vide notification No. 15/22/2011-DGAD, dated the 24th February, 2012, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the24th February , 2012, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on  imports of Flat Base Steel Wheels, originating in, or exported from, China PR -imposed vide  notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 124/2007-CUSTOMS, dated the 31^st December,2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 798 (E), dated the 31^st December, 2007, and had requested for extension of anti-dumping duty uptoone more year, in terms of sub-section (5) of Section 9A of the said Customs Tariff Act;

                       

            Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 124/2007-CUSTOMS, dated the 31^st  December, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.798  (E), dated the 31^st December, 2007, namely: - 

            In the said notification, after para 2, the following shall be added, namely:-

“3. Notwithstanding anything contained in para 2 above, the antidumping duty imposed under this notification shall remain in force up to and inclusive of 27^th March, 2013 unless the notification is revoked earlier”.

F.No.354/10/2007-TRU (Pt-I)

(Raj kumar Digvijay)

Under Secretary to the Government of India

CG amends notification No. 12/2012-Customs, dated the 17th March, 2012 vide Notification No. 23/2012-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification  No.23 /2012-Customs

New Delhi, the 20^th March, 2012 

G.S.R.  (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),  the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17^th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 185(E) dated the 17^th March, 2012, namely: -

Scheme for Collection of Dues of (i) CBDT (ii) CBEC (iii) DM Account - Reporting and Accounting of March Transactions - Financial Year 2011-2012 – CORRIGENDUM

RBI/2011-2012/468
DGBA.GAD.No.H - 6240/42.01.029/2011-12

   March 21, 2012

The Chairman & Managing Director /
The Chief Executive Officer
All Agency Banks

Dear Sir / Madam,

Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements - Financial Year 2011-2012 - CORRIGENDUM

Please refer to our Circular RBI/2011-2012/458 (DGBA.GAD.No.H-6160/42.01.029/2011-12 dated March 19, 2012) on the captioned subject.

Foreign Exchange Management (Deposit) Regulations, 2000 - Credit to Non Resident (External) Rupee Accounts

RBI/2011-12/465
A. P. (DIR Series) Circular No.95

March 21, 2012

To

All Category-I Authorised Dealer Banks and Authorised banks

Madam / Sir,

Foreign Exchange Management (Deposit) Regulations, 2000 - 
Credit to Non Resident (External) Rupee Accounts

Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to Regulation 5(6) of Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000, as amended from time to time, in terms of which, an individual resident in India may borrow a sum not exceeding USD 250,000/- or its equivalent from her / his close relatives outside India, subject to the conditions mentioned therein.

RBI - Special Clearing on March 31, 2012

RBI/2011-12/462
DPSS.CO.CHD.No./1732/03.01.03/2011-2012

March 20, 2012

The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs / UCBs /
State Co-operative Banks / District Central Co-operative Banks

Madam / Dear sir,

Special Clearing on March 31, 2012

With a view to facilitating accounting of all the Government transactions of the current financial year (2011-12) by March 31, 2012, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to conduct "Special Clearings" with same day return clearing in the evening / night of March 31, 2012. They have also been advised to ensure that the Clearing Houses under their jurisdiction conduct these clearings, keeping in view the operational convenience at the local centres, so that instruments relating to Government revenue received from members of the public are realised and the proceeds are credited to Government account by March 31, 2012.

CG amends Chewing Tobacco and Un-manufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty ) Rules, 2010

[(TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

New Delhi, dated 19th March, 2012

Notification No.20/2012-Central Excise (N.T.)

G.S.R.      (E)- In exercise of the powers conferred by sub-sections (2) and (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Chewing Tobacco and Un-manufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty ) Rules, 2010, namely:-

1.  (1) These rules may be called the Chewing Tobacco and Un-manufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Second Amendment Rules, 2012.

CG amends Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i) ]

Government of India

Ministry of Finance

Department of Revenue

New Delhi, dated, 19th March, 2012

Notification No. 19/2012--Central Excise (N.T.)

G.S.R (E). - In exercise of the powers conferred by sub-sections (2) and (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008, namely

1.  (1) These rules may be called the Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Second Amendment Rules, 2012.

CG amends notification No. 02/2011-Central Excise, dated the 1st March, 2011 thereby modifies entry No. 48 and 49

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

     

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

 New Delhi, the 19^th March, 2012 

Notification No. 20/2012-Central Excise

        G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 02/2011-Central Excise, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 117 (E), dated the 1st March, 2011, namely:-

In the said notification, in the TABLE,-

(i)     for serial number 48 and the entries relating thereto, the following shall be substituted, namely:-

(1)	(2)	(3)
“48	7113	Articles of jewellery”;

(ii)     for serial number 49 and the entries relating thereto, the following shall be substituted, namely:-

(1)	(2)	(3)
“49	7114	Articles of goldsmiths’ or silversmiths’ wares of precious metal or of metal clad with precious metal, bearing a brand name,except gold coins of purity 99.5% and above and silver coins of purity 99.9% and above. Explanation.- For the purposes of this exemption,- (1) “brand name” means a brand name or trade name, whether registered or not, that is to say, a name or a mark, such as a symbol, monogram, label, signature or invented words or any writing which is used in relation to a product, for the purpose of indicating, or so to indicate, a connection in the course of trade between the product and some person using such name or mark with or without any indication of the identity of that person; (2) an identity put by a jeweller or the job worker, commonly known as ‘house-mark’ shall not be considered as a brand name.”

[F No.-334/1/2012 -TRU]

[Raj Kumar Digvijay]Under Secretary to the Government of India

Note. -   The principal notification No. 2/2011-Central Excise, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),vide number G.S.R 117 (E), dated the 1st March, 2011, was last amended vide notification No. 19/2012-Central Excise, dated the 17^th March 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.170 (E), dated the 17^th March 2012.