In a relief to jewellers, the government increased Small Scale Industry exemption limit to Rs 10 crore from Rs 6 crore. Sanjeev Agarwal, CEO of Gitanjali Export Corp, said that from the manufacturer's point of view, it means more paperwork.
Accepting of recommendations of a panel, the Finance Ministry today said no excise audit will be carried out, for the first two years, for units whose duty payment is less than Rs 1 crore (that is turnover of manufactured goods less than Rs 100 crore).
Retail bodies in the country were miffed at the policy's ambiguity and untenable nature after the clarifications issued by the cabinet to DIPP's queries on FDI in multi-brand retail.