Import Tax On Some Textile Products Doubled To 20%

Import tax on some textile products has been doubled to 20 per cent, the government said in a statement on Tuesday, increasing duty on fabric-related commodities for the second time in a month. The move is expected to provide relief to the domestic textile industry, which has been hit by a rise in imports of … Read more Import Tax On Some Textile Products Doubled To 20%

Labour, tax reforms to boost apparel, leather sectors: Survey

Labour and tax policy reforms are needed for apparel and leather sectors as they have immense opportunities for job creation, especially for weaker sections and women, and can become vehicles for broader social transformation in the country, the Economic Survey said today. The Survey pitched for a free trade agreement with EU and the UK, … Read more Labour, tax reforms to boost apparel, leather sectors: Survey

Jewellery industry wants 5% import tax; PAN card limit to Rs 5 lakh for Budget 2017-18

The domestic gems and jewellery industry, which went through a lot of turmoil in 2016, has urged the government to increase the mandatory PAN card limit to Rs 5 lakh and above and reduce the import duty on gold to atleast 5 per cent in the Union Budget 2017-18. All India Gems and Jewellery Trade … Read more Jewellery industry wants 5% import tax; PAN card limit to Rs 5 lakh for Budget 2017-18

No tax on gold or jewellery bought from disclosed income

The government on Thursday sought to quell rumours that all gold jewellery, including ancestral jewellery, will now be taxed following the passage of the Taxation Laws (Second Amendment) Bill 2016 in the Lok Sabha. The government clarified that gold or jewellery bought from disclosed income would not be taxed. “It is clarified that the jewellery/gold … Read more No tax on gold or jewellery bought from disclosed income