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Rough Diamond Display at Bharat Bourse Not Taxable
Oct 19, 2015 1:54 AM
By Rapaport News
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RAPAPORT... Income from rough diamonds displayed in Bharat Diamond Bourse’s (BDB) Special Economic Zone (SEZ) from April 1, 2015 will not be taxable under the Income Tax Act, 1961, India’s Finance ministry has announced.
The ruling applied to uncut diamonds without sorting or sale and will be carried out through the Financial Bill 2016, the msaid in a statement posted on the government press website October 16.
The statement said the government looked into the question of income tax “to facilitate the participation of leading diamond mining companies of the world in this zone.”
The SEZ came into effect at the BDB on July 1.
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Tags:
Bharat Diamond Bourse, India, Rapaport News, Rough Diamonds, tax
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