June 10th, 2016
India scraps tax to boost gold sector
India has scrapped a tax on the purchase of gold to boost demand in a cooling sector.
Cash purchases of gold jewellery of Rs 2 lakh and over were previously subject to a 1 per cent tax, but the government has raised the threshold to Rs 5 lakh as of June 2016. The news caused stocks such as PC Jwellers, TBZ and Gitanjali Gems to soar up to 4.3 per cent on the BSE.
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