Central Excise on Jewellery

In the year 2005, the Union Govt. has introduced the Central Excise Duty @ 2% on branded Jewellery. However, there was mere collection of Rs. 16 Crores only till 2008 and therefore in the year 2009, it was withdrawn. Again in the Union Budget 2011, the duty was re-introduced @1% on branded precious metal jewellery. […]

Reverse Charge Mechanism under Service Tax

The reverse charge mechanism (RCM) was first introduced effectively from 01-01-2005 vide Notification No. 36/2004-ST dt. 31-12-2004 read with Rule 2(1)(d) of Service Tax Rules, 1994. With effect from 01-07-1012 a new mechanism of reverse charge (RCM) and partial reverse charge or joint charge (PRCM / JCM) was introduced with the introduction of negative list regime of[…..]