Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT RATES :: TDS
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

MoF rejects tax sops for metro projects
October, 16th 2006

Metro rail projects aspiring for tax sops are in for a rude shock. Keen to weed out tax exemptions, the finance ministry has decided not to give them any tax breaks.

The revenue department has already turned down the tax-exemption pleas of Delhi Metro for its expansion plans. The axe has now come down on the proposed Bangalore metro project too. Officials said other projects like the Mumbai metro would also face the same fate.

It is being apprehended that long-term tax waiver policies for several other infrastructure and core sectors too may be reviewed in line with the governments policy to limit such exemptions. For instance, the finance ministry has been mulling over introducing a sunset clause for the tax waivers given to power companies.

While rejecting the plea for tax breaks to Bangalore Metro, the revenue department has sought detailed projections of revenue flows, passenger traffic, and year-wise cost of importing capital goods.

Sources said when the detailed projections are given, one time grant could be considered in the Budget. However, a blanket exemption running into perpetuity has been ruled out.

Earlier, the department had turned down DMRCs plea for tax exemptions for its next phase of expansion. In this case too, the department held the view exemptions could not be given in perpetuity. Revenue flow has already started for DMRC, officials said.

The revenue departments view is in line with the finance ministrys attempts to curtail tax sops. In the case of special economic zones (SEZs) too, the department is wary of large-scale tax sops.

Officials of the revenue department apprehend huge revenue loss on account of the sops given to SEZs. In fact, impact of various exemptions on excise front is already proving to be a drag. Excise collections have been witnessing lowest growth rate as compared with other taxes.

Though, overall revenue collections have been buoyant on the back of a booming economy, large-scale exemptions have still managed to cast its shadow on excise which grew only by 6.7% in the first half of current fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions