In the run up to the budget for 2006, the Indian gem and jewellery industry, represented by the Gem & Jewellery Export Promotion Council (GJEPC), met with the government to restate its demand, requesting a shift from taxes based on income to a presumptive tax based on turnover.
“The proposed turnover-based tax system will bring India on par with other international diamond trading hubs like Belgium and Israel,” said Bakul Mehta, Chairman, GJEPC.
Gem & Jewellery Export Promotion Council
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