State government of Maharashtra raises VAT on ‎diamonds and precious metals

The state government of Maharashtra in India has increased Value-Added Tax (VAT) on ‎diamonds and precious metals sold in the state.

The increase, as of April 1, the start of India's fiscal year, relates to diamonds bought ‎in Mumbai, the capital city of Maharashtra state.‎

Diamonds sold in the fiscal year that ends next March 31 will pay VAT of 1.1 percent from 1 percent previously.

The VAT rise also related to precious metals, including gold, silver, platinum, ‎osmium, palladium, rhodium and ruthenium.

And the VAT increase also applies to jewelry made from precious metals with a fineness of not less than 50 percent, ‎whether set or not with diamonds, precious stones or semi-precious stones.‎