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India Eases Rules on Controversial Excise Tax
Jul 28, 2016 9:23 AM
By Rapaport News
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RAPAPORT... The Indian
government relaxed rules on a 1-percent excise duty on jewelry that led to a
six-week strike earlier this year.
Under the
new terms, businesses with revenue of up to $2.2 million (INR 150 million) are
exempt from the tax, whereas the previous cut-off was $1.8 million (INR 120
million).
The change
comes after the government set up a committee to interact with the jewelry
trade over the tax. The government also accepted several other recommendations made
by the committee, including that companies with revenue of less than $14.9
million (INR 1 billion) from manufactured goods will not be audited for the excise
duty.
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Tags:
Excise duty, India, Rapaport News, Strike, tax
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