Uttarakhand to lose status of gold refining hub

Some 26 bullion or dore gold refineries were set up and they were getting a 0.75% tax benefit in the earlier tax regime

Rudrapur city, in northern Uttarakhand, will lose its status of being a gold-refining hub because it stands to be deprived of its earlier benefits under the new indirect tax regime.

With the goods and services tax (GST) in place, all state levies like the sales tax and excise got subsumed in the GST.

However, to keep the promise of area-specific tax exemptions, the central government has issued a notification saying it will refund its share of taxes where area-specific exemptions were given earlier. However, this refund will be on value addition after taking into account input credit. And in the case of