"History suggests that a higher levy on gems and jewellery has opened a plethora of other channels, difficult to monitor. Barring Kerala and a couple of others, all states have levied taxes at around one per cent. Even the government of Kerala has an effective rate of 1.1 per cent, despite its books showing five per cent. No state finance minister so far has recommended an increase in their effective tax rate on gems and jewellery." Ashok Minawala, Partner, Danabhai Jewellers and Sons
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