New Delhi: In a relief to jewellers, the government has increased Small Scale Industry (SSI) exemption limit to Rs 10 crore from Rs 6 crore, waived off the levy on sale of traded goods and relaxed various procedural norms.
Accepting of recommendations of a panel, the Finance Ministry on Wednesday said no excise audit will be carried out, for the first two years, for units whose duty payment is less than Rs 1 crore (that is turnover of manufactured goods less than Rs 100 crore).
In view of large scale protests by jewellers following a Budget proposal of one per cent excise duty on non-silver jewelleries, the government had set up a sub-committee of the high-level committee to interact with trade and industry on issues relating to compliance, maintenance of records and other administrative matters.
The government has also decided, independent of committee's recommendations, to increase for jewellery manufacturers "the SSI eligibility limit from Rs 12 crore to Rs 15 crore and the SSI exemption limit from Rs 6 crore to Rs 10 crore in a financial year and Rs 85 lakh for the month of March, 2016".
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