Government rolls back 1% tax on cash purchase of gold jewellery
May 31, 2016 09:59
JUST IN: Government rolls back Budget decision to apply 1% tax on cash purchase of gold jewellery
The jewellers had earlier been on a 45-day strike after Finance Minister Arun Jaitley in his Budget speech in February proposed 1% excise tax on non-silver jewellery.
Successive governments have struggled to curb appetite for gold in Asia's third largest economy, despite the imposition of a 10% import duty in 2013 and other restrictions.