The Union Budget for 2006-07 was welcomed by gems and jewellery industry as it has come out with several measures to expand the sector.
An expert committee is planned to be set up to consider suggestions by gems and jewelry sector in order to make it an international trading centre, said Bakul R Mehta, Chairman, Gems and Jewellery Export Promotion Council.
It will find out ways and means to rationalise taxes and rules in a month or so, he said.
Replacing income-tax with presumptive tax as done in international centre for the gems and jewellery industry, has been accepted by Finance Minister to push exports and foreign direct investment, he said.
He welcomed the move to make EOU at par with Domestic Tariff Area (DTA) units as it will help industry to increase exports, he added.
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