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Rise in tax payments noted at some Indian diamond companies
Signals a healthy shift for the industry towards growth
By: Diamond World News Service
Jul 31 2010 8:34PM
Reference: 5181  


Some leading Indian diamantaires and diamond manufacturing companies are reported to have clocked a steep rise in their tax payments for the fiscal 2009-10 as compared to the previous year, which reiterates a healthy turnover in the year, and also points to revenue growth noted in the diamond industry.

The tax payments of the companies are as such: Dilipkumar Lakhi - `9.75 crore (up 147 percent), Vishinda Diamond - `13.3 crore (up 96 percent) Deepak & Co -`14.25 crore (up 137 percent), Shree Ramkrishna Exports’ - `14.25 crore (up 307 percent) and Ankit Gems - `5.85 crore (up 135 percent).

The names of these companies were recorded in the list of top 100 non-corporate tax payers in India for fiscal 2009-10, prepared by the Mumbai region of Income-Tax department for internal use, as reported in a leading media.

The increase in the individual companies’ tax outgoings supports the rise in India’s gem and jewellery exports signaling that the industry has left the slowdown behind. The country’s cut and polished diamond exports in fiscal 2009-10, which valued USD 17542.29 million rising 20 percent from USD 14605.27 million in fiscal 2008-09. India’s overall gem and jewellery exports rose 16 percent to USD 28414.64 million in fiscal 2009-10 from USD 24495.58 million in fiscal 2008-09.

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