Gems, Jewellery sector welcomes the Budget | india | Hindustan Times
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Gems, Jewellery sector welcomes the Budget

The Gems and Jewellery Ind lauded the Budget with special emphasis on the sector and announcement for setting up of expert committee.

india Updated: Feb 28, 2006 16:24 IST
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The Gems and Jewellery industry lauded the Union Budget 2006-07 with special emphasis on the sector and announcement for setting up of expert committee.

"The Indian gems and jewellery industry is now set to make a quantum leap forward. The Finance Minister has announced to set up an expert committee to consider the recommendations by the sector which will help India transform into an international gems and jewellery trading hub," the Gems and Jewellery Export Promotion Council Chairman Bakul R Mehta said.

The committee is expected to work out details, rationalise taxes and streamline rules within the next month or so, he said.

The Finance Minister in-principle agreed to replace income-tax for the gems and jewellery industry with a presumptive tax as is already the norm in international centres that will boost exports, increase foreign direct investment, he said.

The announcement of EOU to be made at par with DTA units is also a welcome move as it would provide the same level playing field and help the industry boost its exports in future, he added.