Tax breaks likely to boost global interest in China’s crude oil futures – report

China will waive income tax for foreign investors trading the country’s new crude oil futures contract for three years to attract more overseas capital for the launch, the China Daily quoted the Ministry of Finance as saying. Foreign brokers will also be exempt from paying income tax on commissions from dealing in Shanghai crude oil […]

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Tax reforms in the United States augur well for India’s diamond traders – report

India’s diamond traders are eyeing an increase in business from the tax reforms in the United States that they believe will lead to an increase in the disposable income of Americans and consequently higher spending on lifestyle products including diamond jewellery, reports Economic Times. The Gem & Jewellery Export Promotion Council has also partnered with […]

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India removes integrated goods and service tax on gold imports, but refiners will still have to pay

India has allowed 36 banks and five agencies, including MMTC and MSTC, to import gold without paying a 3 per cent integrated goods and services tax (IGST), removing an additional burden the financial institutions were complaining about. However, gold refineries which import dore gold or unrefined gold, will still have to pay the IGST and hence, they are at a disadvantage […]

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Indian imports of industrial unsorted rough diamond seen resuming after GST rate revised to 0.25 per cent

Imports of Industrial unsorted rough diamond into India, which had mostly stopped due to the introduction of a 3 per cent Goods and Services Tax (GST) in July, may resume after rate revision to 0.25 per cent. The GST Council revised the 3 per cent tax on industrial and unsorted rough diamonds of HS code 7102.10 and 7102.21 to […]

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