Byline: Our Bureau
Finance Ministry to issue clarification next week
The Finance Ministry will issue a circular next week to clarify doubts on excise duty for unbranded gold jewellery. The Budget levied excise duty at the rate of one per cent on unbranded gold jewellery.
One of the key provisions of the detailed circular is related to small scale exemption. It says any jeweller with a turnover of Rs 13.3 crore in 2011-12 will be eligible for small-scale industry exemption. It means the jeweller need not pay any excise duty on jewellery turnover up to Rs 5 crore in 2012-13.
This limit has been calculated on the basis of the tariff value of 30 per …