Finance Minister Dr. Ashni Singh, in presenting Budget 2026 to the National Assembly, announced the removal of Value Added Tax (VAT) on locally made furniture and jewellery. The measure targets furniture including doors, moulding, and beds, aiming to increase the competitiveness of the forestry sector, lower construction costs, and support local manufacturers. Dr Singh noted that the initiative would help local industries move toward sustainability and enable them to compete regionally. In addition, VAT will be removed on locally produced jewellery. The move is intended to encourage local value addition and strengthen opportunities for small and medium enterprises in the jewellery-making sub-sector.
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