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% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Revenue dept pitches for closure of export promotion schemes
November, 20th 2006

With special economic zones (SEZs) expected to create a massive Rs 26,000 crore crater in government revenues in 07-08, other export promotion schemes should be prepared to bear the brunt in Budget 07. The revenue department is likely to push for winding up of other export promotion schemes.

Currently, the government has close to 11 export-incentive and promotion schemes including SEZs.Finance minister P Chidambaram has already made it clear that there was a need to review tax exemptions. Mr Chidambaram, who has indicated evolving a moderate tax structure ahead of next Budget, has made it contingent to slashing of sops.

In fact, parliamentarians, cutting across party lines, favoured pruning of sops for SEZs at the meeting of consultative committee attached to the finance ministry. While the revenue department subscribes to the view that duties and taxes should not be exported, it wants the commerce ministry to clear the maze. The plethora of export promotion schemes, excluding SEZs, cost the exchequer a whopping Rs 34,430 crore in 05-06.

Besides being a costly affair for the exchequer, having a large number of export promotion schemes also poses problems in implementation, increasing chances of misuse. With the revenue department holding this view, it is likely that all the existing schemes may be rolled into one. According to revenue department sources, for neutralising the duties, a single scheme with more scientific criterion should be brought in place to prevent any misuse as also to make the implementation easier.

Currently, the schemes aimed at promoting exports in various ways include the duty entitlement passbook scheme, drawback, export promotion capital goods scheme, duty-free import authorisation, advance licence, export-oriented units, Software Technology Park of India and Vishesh Krishi Upaj Yojana.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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