SUBIR BHAUMIK The burning down of 9 crude oil tankers in Upper Assam points to a change in equations between rebel groups in India’s Northeast. Indian intelligence agencies now confirm that this violent action was carried by joint squads of ULFA (Independent) and NSCN (Issak-Muivah) guerrillas. But ULFA(I) is in the rebel coalition UNLFSWEA that was…
India relaxed the rules for its tax on gold jewellery sales that was introduced earlier this year in an attempt to address concerns raised by the industry, the government said in a statement.
Jewellers in the world’s second biggest gold consumer went on strike for six weeks after the government imposed 1 percent excise duty on gold jewellery from March onwards.
To address jewellers concerns the government formed a committee and accepted its recommendation.
According to the new rules, jewellers with turnover up to 150 million rupees ($2.2 million) a year will be exempt from the excise duty, the statement said. Earlier, the exemption limit was for jewellers with turnover up to 120 million rupees.
The government statement also said that in the first two years, government agencies will not audit jewellers that have turnover of less than 1 billion rupees.