Finance minister Arun Jaitley on Thursday said the country needs to decide if luxury goods such as gold should be kept out of the tax net, while essential items such as baby food, soaps, toothpaste and shoes face excise levy. He gave the statement in Parliament, rejecting the opposition's demand to roll back the 1% excise duty on gold jewellery, prompting Congress and Samajwadi Party to walk out of Rajya Sabha.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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