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- By Parinda News Bureau, February 28, 2006, 16:39 IST
Mumbai : Special prominence was given to the Gems and Jewellery industry by
announcing setting up of expert committee.
The Indian gems and jewellery industry is not set to make a quantum leap
forward. Gems and Jewellery Export Promotion Council Chairman Bakul R
Mehta said, The Finance Minister has announced to set up and expert
Committee to consider the recommendations by the sector which will help
India transform into an international gems and jewellery trading hub.
The committee is expected to work out details, rationalise taxes and
streamline rules within the next month or so, he said.
The Finance Minister in-principle agreed to replace income-tax for the gems
and jewellery industry with a presumptive tax as is already the norm in
international centres that will boost exports, increase foreign direct
investment, he said.
The announcement of EOU to be made at par with DTA units is also a welcome
move as it would provide the same level playing field and help the industry
boost its exports in future, he added.
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