Central Excise - Exemption to Gold Coins
GOLD coins of purity 99.5% and above and silver coins of purity 99.9% and above, bearing a brand name when manufactured from gold or silver respectively on which appropriate duty of customs or excise has been paid, are exempted vide Sl. No. 200 of Notification No. 12/2012-CE, dated 17.03.2012.
Now this notification is amended to:
1. Stipulate Condition No. 52A for gold coins.
2. Continue the unconditional exemption for Silver coins.
Condition No. 52A is -
If the said excisable goods are manufactured from inputs or capital goods or by utilising input services on which appropriate duty of excise leviable under the First Schedule to the Excise Tariff Act or additional duty of customs under section 3 of the Customs Tariff Act, 1975 (51 of 1975) or service tax under section 66B of the Finance Act, 1994 (32 of 1994) has been paid and no credit of such excise duty or additional duty of customs on inputs or capital goods or service tax on input services has been taken by the manufacturer of such goods (and not the buyer of such goods), under rule 3 or rule 13 of the CENVAT Credit Rules, 2004.
Explanation.- For the purposes of this condition appropriate duty or appropriate additional duty or appropriate service tax includes nil duty or nil service tax or concessional duty or concessional service tax, whether or not read with any relevant exemption notification for the time being in force.
And, the nil CVD on Gold coins having gold content not below 99.5% and gold findings is withdrawn.
Notification No. , Dated December 01, 2016
Notification No. , Dated December 01, 2016