New body to look into gems and jewellery tax structure
July, 12th 2006
The finance ministry has set up an expert body, headed by M R Sivaraman, former Revenue Secretary, to look into the potential of the gems and jewellery industry and make recommendations including tax measures to enable the country to become a hub for this sector.
Finance Minister P Chidambaram had announced the setting up of an expert body to examine the tax structure in gems and jewellery in the Budget.
The body will make recommendations for a taxation system based on the best international practices which will facilitate exports, widen the tax base and secure adequate revenues for the government, minimise the scope for evasion, and facilitate voluntary compliance.
It will also give suggestions to make domestic trade more transparent and for development of skills of Indian craftsmen so that the development in domestic trade could be a catalyst for promoting export of gems and jewellery.