Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: cpt :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return

MPs back FM's hardline stance on SEZ sops
November, 11th 2006

The finance ministrys plans to slash or eliminate assorted tax concessions for special economic zones (SEZs) have gained momentum with parliamentarians, cutting across party lines, endorsing the move on Friday.

MPs told finance minister P Chidambaram that tax exemptions for SEZs should be given for a limited period and linked to their employment generation. Their comments came at the finance ministrys consultative committee meet on relooking tax incentives, including those on SEZs. Government sources said the ministry is considering phasing out those tax concessions that have outlived their utility.

As tax sops for SEZs cannot now be diluted in a hurry, the ministry is building a climate of opinion against other concessions. Export sops, in particular, could be targeted. The ministry will review all exemptions, other then two types of tax concessions; one relating to international agreements (both bilateral as well as multilateral agreements) and other concerning scientific research, the government source said.

The exercise is part of the governments commitment to evolve a moderate tax structure in the next budget, as indicated by finance minister P Chidambaram at the Economic Editors conference this week. But he also said moderate taxation would demand pruning of exemptions.

A background paper circulated at the meeting said it has been estimated that due to SEZ tax sops, the government may lose over Rs 1,02,000 crore in four years. While revenue loss under the direct tax slab is estimated at Rs 54,000 crore, it is pegged at Rs 48,000 crore in the indirect tax head. It is expected that there would be 300 SEZs between fiscal 2006-07 and 2009-10.

The FM also told the committee that pruning of incentives was required to meet the fiscal responsibility and budget management targets and increase the tax-to-GDP ratio. Without naming industries, he said, A close hard look at the present system of exemptions in favour of particular sections of taxpayers is absolutely essential.

The finance ministry has already put up the list of exemptions that it wants to clip on its website for comments.

RSP MP Abani Roy said that it should be made mandatory for the Board of Approval to visit all proposed SEZ sites before issuing clearances. He said this will ensure that agricultural land did not get diverted to such zones. On his part, Chidambaram said the government has now made it mandatory for states to certify that the land provided for SEZs were not agricultural land.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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