No excise duty on articles of jewellery

In the finance bill, Finance Minister has proposed withdraw of excise duty on jewellery. Excise department issued the notification no. 23 dated 8-5-2012 about the exemption of excise on articles of jewellery. This tax was levied on the annual budget and got a strong oppose by the jewellers. Full notification is as under.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, 
SECTION 3, SUB-SECTION (i)] 
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
New Delhi, the 8th May, 2012 
Notification No. 23 /2012-Central Excise

G. S. R.     (E).-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, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in column (3) of the Table hereto annexed and falling within the Heading of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the Excise Tariff Act), as are given in the corresponding entry in column (2) of the said Table, from so much of the duty of excise leviable thereon under the said First Schedule, as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the said Table, and 
subject to the relevant conditions, if any, specified in the corresponding entry in column (5) of the Table aforesaid:
 
Heading of the first schedule
Description of goods
rate
condition
7113
Articles of jewellery
Nil
-
8607
All goods
Nil
If,-
(i) manufactured by a factory
belonging to the Central
Government; and
(ii) the said goods are intended for
use by any department of the
Central Government

[F.No.334/1/2012-TRU]
(Raj Kumar Digvijay)
Under Secretary to the Government of India
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