Budget impact: Surat is witnessing a sudden rush for setting up laboratory-grown diamond units
Synopsis
“The hike in duty will bring down imports, and manufacturing of diamonds through chemical vapour deposition (CVD) technology will increase. Already, we are seeing a lot of natural diamond players entering the segment as lab-grown diamonds are affordable and becoming popular in India as well as in global markets,” Dinesh Navadiya, regional chairman, Gem & Jewellery Export promotion Council, Gujarat said.
KOLKATA: Surat is witnessing a sudden rush for setting up laboratory-grown diamond (LGD) units, following the government’s decision to double the duty on imported cut and polished synthetic diamonds to 15% announced in the Budget on February 1.
Synopsis
Despite the dismay over unmet demands, startups were enthused by the prospect of indirect benefits that may accrue from big-ticket spending in other sectors.
ETtech
A slew of micro announcements, ranging from extension of tax holidays to providing an extra year to claim long-term capital gains on investments in startups, provide welcome stability, according to industry leaders who admit they expected Budget 2021 to offer more sops for the sector.
The Finance Minister extended eligibility for startups to claim tax holiday by an additional year until March 2022, while also extending exemptions on capital gains from sale of long-term capital assets, if invested in eligible startup equities, by one year. While some sections of the startup community pointed out areas of friction with regard to both provisions – for instance, the exemption on paying income tax under Section 80-IAC so far has benefitted only 400 companies – others said there will be clear benefits that will
Budget 2021: 41% of central tax to states, separate fund for defence buys
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Last Updated: Feb 02, 2021, 06:18 AM IST
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Synopsis
The Centre on Monday stuck to the 15th Finance Commission’s recommendation to share 41% of tax receipts with states, while accepting in principle several crucial recommendations, including the creation of a non-lapsable modernisation fund for defence and internal security.
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(This story originally appeared in on Feb 02, 2021)NEW DELHI: The Centre on Monday stuck to the 15th Finance Commission’s recommendation to share 41% of tax receipts with states, while accepting in principle several crucial recommendations, including the creation of a non-lapsable modernisation fund for defence and internal security.
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Gains were checked by selling by foreign investors who have supported the massive rally for the last 10 months. But rising dollar and US treasury yield has resulted in flight of capital.