Excise Duty on Gold Hiked by 2%, Silver 6%

All Two Precious Metals at 9% Now

[Ref: Notification No. 25/2013-Central Excise dated 13 August 2013]

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, on 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. 12/2012-Central Excise, dated the 17th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 163(E) dated the 17th March, 2012, namely: -

In the said notification, in the Table,-

(a) in S. No. 189, against item (i) for the entry in column (4), the entry “9%” shall be substituted.

(b) in S. No. 189, against item (ii) for the entry in column (4), the entry “9%” shall be substituted.

(c) against S. No. 190, for the entry in column (4), the entry “8%” shall be substituted;

(d) in S. No. 191, against item (i) for the entry in column (4), the entry “9%” shall be substituted.

(e) in S. No. 191, against item (ii) for the entry in column (4), the entry “8%” shall be substituted.

(f) against S. No. 191A, for the entry in column (4), the entry “8%” shall be substituted;

[F. No. 354/95/2013-TRU]

Amended entries of Excise notification 12-CE/17.03.2012 is giving below. {Source: BIG’s Easy Reference Customs Tariff amended as on 16 August 2013]

 

SNo.

Chapter or heading or sub-heading or tariff item of the First Schedule

Description of excisable goods

Rate

Condi-tion No.

(1)

(2)

(3)

(4)

(5)

189

71

Gold bars, other than tola bars, bearing manufacturer‘s engraved serial number and weight expressed in metric units manufactured in a factory starting from the stage of-

 

-

 

 

(i) (a) Gold ore or concentrate;

9% 7% 5% 3%

 

 

 

   (b) Gold dore bar; or

 

 

 

 

(ii)           Silver dore bar

9% 3%

 

 

 

Explanation.- For the purposes of this entry , ‘gold dore bar’ shall mean dore bars having gold content not exceeding 95% and ‘silver dore bar’ shall mean dore bars having silver content not exceeding 95% accompanied by an assay certificate issued by the mining company, giving details of composition

[Excise duty raised on gold to 5% from 3% by 01-CE/21.01.2013; Excise duty raised on gold to 7% from 5% by 01-CE/21.01.2013; Duty raised to 9% from 7% and 3% by 25-CE/13.08.2013]

 

 

190

71

Silver manufactured in a factory starting from the stage of-

(a) Silver ore or concentrate;

(b) Silver dore bar; or

(c) Gold dore bar.

Explanation.- For the purposes of this entry, ‘gold dore bars’ and ‘silver dore bar’ shall have the same meaning as in S. No. 189
[Duty raised to 8% from 4% by 25-CE/13.08.2013]

8% 4%

-

191

71

The following goods manufactured or produced during the process of copper smelting starting from the stage of copper ore or concentrate in the same factory namely:-

 

 

 

 

(i) gold bars, other than tola bars, bearing manufacturer‘s or refiner‘s engraved serial number and weight expressed in metric units and gold coin of purity not below 99.5%;

9% 7% 5% 3%

-

 

 

(ii) Silver in any form, except silver coins of purity below 99.9%

[Excise duty raised on gold to 5% from 3% by 01-CE/21.01.2013; Excise duty raised on gold to 7% from 5% by 01-CE/21.01.2013; Duty raised to 8% from 4% by 25-CE/13.08.2013]

8% 4%

-

191A

71

Silver produced or manufactured during the process of zinc or lead smelting starting from the stage of zinc or lead ore or concentrate

[SNo. 191A inserted by 12-CE/01.03.2013; Duty raised to 8% from 4% by 25-CE/13.08.2013]

8% 4%

-