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By Rajesh Roy And Vibhuti Agarwal
NEW DELHI–India’s Trade Ministry has sought a sharp cut in the import tax on gold, a top official said Monday, to help reduce costs for gems and jewelry exporters who rely heavily on the yellow metal as a raw material for their products.
The Trade Ministry has asked the Finance Ministry, which will decide on the proposal, to reduce the tax to 2% from 10%, the official, who declined to be named, told The Wall Street Journal. The Finance Ministry’s decision will become clear in the federal budget to be presented in Parliament on Feb. 28.
Gems and jewelry accounted for about 13% of India’s exports in the fiscal year ended last March. The sector has been hurt by a sharp increase in the tax over the past few years as the government clamped down on gold imports to control the ballooning current-account deficit an
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NEW DELHI–India’s Trade Ministry has sought a sharp cut in the import tax on gold, a top official said Monday, to help reduce costs for gems and jewelry exporters who rely heavily on the yellow metal as a raw material for their products.
The Trade Ministry has asked the Finance Ministry, which will decide on the proposal, to reduce the tax to 2% from 10%, the official, who declined to be named, told The Wall Street Journal. The Finance Ministry’s decision will become clear in the federal budget to be presented in Parliament on Feb. 28.
Gems and jewelry accounted for about 13% of India’s exports in the fiscal year ended last March. The sector has been hurt by a sharp increase in the tax over the past few years as the government clamped down on gold imports to control the ballooning current-account deficit an
…
Read More…
