The Centre has decided to increase the small scale industry (SSI) eligibility limit for manufacturers of articles of jewellery from Rs.12 crore to Rs.15 crore and raise the SSI exemption limit from Rs.6 crore to Rs.10 crore in a financial year.
It also decided to simplify requirements for maintenance of records and other compliance procedures for the nominal excise duty of 1 per cent (without input and capital goods credit) or 12.5 per cent (with input tax credit) on articles of jewellery, which it had imposed in this year’s Budget.
These include no requirement to submit any ground plan of the premises for the purpose of excise registration.
