Finance Ministry Sets up sub-panel on excise duty on jewelry

The  ministry of  finance (MoF) formed a sub-committee to be headed by former Chief Economic Adviser Ashok Lahiri panel to interact with the trade and industry on the imposition of central Excise duty on jewelry.

The committee will consider all issues related to compliance procedure for excise duty, records to be maintained, operating procedures, and all other relevant issues. The committee has to submit the report within 60 days. An impasse between the finance ministry and jewelers over one per cent excise duty imposed in the Budget for 2016-17 had earlier led to a strike by jewelers, which was called off after an assurance by the ministry that no harassment would be made over the issue.
The committee will comprise of :
1. Gautam Ray, a former tax official in the finance ministry.
2. Rohan Shah, a legal expert.
3. Manoj Kumar, Dwivedi a joint secretary in the department of commerce.
4. Alok Shukla, a joint secretary in the tax research unit in the Central Board of Excise and Customs.

About Excise duty: This tax is levied on certain goods for their production or sale catering or on licenses  of  specific services and activities. Excise duty is an inland tax unlike custom duties is an inland tax. Also, this duty charges are a form of indirect tax. Indirect taxes are generally collected by a retail store or an intermediary body from the person who ultimately bears the responsibility of paying the tax as a consumer. The producer of the goods then pays this tax to the government. This amount is excise of the VAT (Value Added Tax) and sales tax that is charged to the consumers when purchasing a good.
Extra information:
1. Excise duty comes under Ministry of Finance?
2. Minister of Finance India – Arun Jaitley

So let’s do:
1. Who is the Minister of Finance of India ?
2. Recently Finance ministry has constituted sub-committee to be headed whom?
3. Excise duty comes under which ministry ?

Source – Business Standard


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