Gold prices gained further at the domestic bullion market here on sustained demand from jewellery stockists and retailers.
Gold prices suffered more losses by falling another Rs 130 to trade at a fresh 10-month low of Rs 28,450 per 10 grams.
Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income.
Gold and jewellery establishments remained closed for 7th day in Delhi after IT Department carried out surveys following reports of alleged profiteering.
Government will extend full support to the gems and jewellery exports as it is recording healthy growth.
A Parliamentary Committee has called upon Finance Ministry to keep tab on transaction made in cash, for sale or purchase of bullion and/or jewellery.
Govt exempted SSI exemption limit from Rs 6 crore to Rs 10 crore, and the SSI eligibility limit from Rs 12 crore to Rs 15 crore.
Gems and jewellery exports were at $39.71 billion, down 4.4% in FY16 on lackluster global demand.
No excise audit in first two years for units whose duty payment is less than Rs 1 cr or turnover less than Rs 100 cr.
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source from June 1.