Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
News Headlines »
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 Comparison of 10 tax-saving investments under Section 80C

This Budget to be a girl's best friend
February, 13th 2007

With the Union Budget likely to abolish the import duty on cut and polished diamonds (CPDs) and gemstones, the ems & jewellery industry is in for some happy times. Another planned initiative for the industry is the introduction of the presumptive tax regime, which allows for computation of income-tax on the basis of turnover.

The proposal to cut the Customs tariff on import of CPDs and gemstones from 5% to nil follows a recommendation to this effect by the MR Sivaraman committee, set up last year to study the rationalisation of taxes and tariffs applicable to the forex-earning gems and jewellery sector.

The finance ministry is keen to put the sector which accounted for nearly 15% of the countrys total exports and 19% of the total world demand for gems and jewellery in 2006 on a growth trajectory that will see centres like Mumbai emerging as a diamond hub on the lines of cities like Antwerp and Bangkok. To that end, the ministry is said to have decided to reflect in the coming budget the recommendations of the Sivaraman committee on both the customs tariff as well as introduction of presumptive tax.

The presumptive tax regime was introduced in the last budget for the shipping sector, wherein the tax to be paid by companies in the sector would be calculated on the basis of tonnage. The proposal is now set to be replicated for the gems and jewellery sector, mainly to cut down on administrative costs and to encourage output as increased production would mean less taxes. This proposal, according to sources in the government, would be revenue-neutral.

As for the duty cut, the government is keen on seeing the emergence of centres like Mumbai as major diamond hubs, competing with other international diamond destinations like Antwerp and Bangkok. The abolition of duties on CPDs and gemstones, which accounted for 23% of total imports by the gems and jewellery sector, is expected to increase exports of studded and finished ornaments.

Duty cuts may essentially help Indian jewellers, most of whom are in the unorganised sector, cater to the growing demand of bulk buyers from the US and European Union for Indian diamond studded jewellery due to its affordability. bhaLower import rates will bring India on par with major competitors like Thailand which have zero tariffs on import of gold diamonds and gemstones. At the same time, it will create more jobs as the gems and jewellery trade is highly labour intensive, employing nearly 2 million workers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions