The Hindu Business Line, in its November 19, 2012 article, reports that Kerala govt studying tax reduction on gold.
Extract :
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Thiruvananthapuram,
Nov. 18: Kerala Government will
examine the issue of reducing levy on gold after an expert committee from the
Gulati Institute of Finance and Taxation submits its recommendations. Finance
Minister K..M. Mani told gold merchants during a videoconference that the Government’s
revenue had taken a hit whenever sales tax on gold was kept low. In 2004-05,
sales tax of four per cent generated revenue of Rs
52 crore. Value-added tax implemented in 2005-06
had reduced the levy by one per cent. In 2006-07, the levy was brought back
up to four per cent when the revenue had jumped to Rs
97.90 crore, the Minister said.
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