Shares of the gold jewellery companies rose on Thursday after government relaxed excise duty rules on recommendation of committee.
From now, there is no requirement to submit any ground plan of the premises for taking Excise registration.
Excise duty on jewellery will be payable at first sale invoice value. In case the invoice does not show excise duty separately, the value for VAT will be treated as cum duty value.
When a retail customer brings jewellery [other than in form of gold or any precious metal] to a jeweller which is converted into new jewellery by the jeweller or a job worker of such jeweller, excise duty will be payable only on value addition, including cost of additional materials and labour charges charged, subject to the maintenance of certain records, the committee said.
- Gitanjali Gems shares were seen trading higher by 1.96% at Rs 41.60.
- Tara Jewels was up 7.80% at Rs 40.10.
- Titan Company was up 1.68 at Rs 411
- Tribhovandas Bhimji Zaveri was up 2.33% at Rs 72.50.
- Rajesh Exports was up 2.29% at Rs 459
Other gold jewellery companues were aslo seen trading higher between 0.80 per cent to 8 per cent.