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State Govt. Raises VAT Charge on Mumbai Diamonds
Apr 10, 2013 3:10 AM
By Avi Krawitz
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RAPAPORT... India’s Maharashtra State government raised the rate of value-added tax (VAT) for diamonds and precious metals sold in the state on April 1. The increase pertains to diamonds traded in Mumbai, the capital city of Maharashtra state.
The directive states that diamonds sold between April 1, 2013 and March 31, 2014 will be charged VAT of 1.1 percent, rather than the previous rate of 1 percent.
The same increases apply to precious metals, including gold, silver, platinum, osmium, palladium, rhodium and ruthenium. In addition, the VAT charge was raised to 1.1 percent for articles made from precious metals of fineness not less than 50 percent, whether or not they contain precious stones, semi-precious stones, diamonds or pearls and whether or not they are real or cultured.
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Tags:
Avi Krawitz, diamonds, gold, jewellery, Jewelry, Maharashtra State, mumbai, Rapaport
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