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: VAT Audit :: due date for vat payment :: empanelment :: articles on VAT and GST in India :: cpt :: form 3cd :: ACCOUNTING STANDARD :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

Commerce, FinMin in funding brawl
December, 23rd 2006

A PRE-BUDGET tussle between the finance and commerce & industry ministries has broken out with the latter demanding that its budgetary allocation for 2007-08 be increased in tandem with increasing exports. The commerce department claims that Rs 800 crore worth of payments to exporters - including central sales tax refunds to EOUs and excise refund to deemed exporters - could not be made in the current fiscal due to fund shortage.

The commerce & industry ministry is planning to ask the finance ministry to take on the responsibility of making all payments to exporters if adequate resources are not allocated in Budget 2007.

The commerce department officials said that while the finance ministry makes its share of payments to exporters like duty drawback on time, the commerce ministry has to make exporters wait as they are constrained by inadequate resources. We get a bad name for no fault of ours, an official said.

In 2006-07, budgetary allocation for the commerce department was increased to Rs 1,925 crore from Rs 1,902 crore in 2005-06 resulting in an increase of less than 2%. You cannot have a jump in exports without a corresponding increase in funds for meeting their refund claims, the official added.

Sources pointed out that in case the finance ministry is not ready to increase allocations adequately, the commerce department would ask it to take on the responsibility of paying all refunds to exporters. Our department will very happily handover the responsibility to the finance ministry, the source said.

Meanwhile, exporters - in their pre-budget memorandum to the finance minister - have demanded that they should be granted CST exemption, just like EOUs. According to FIEO president Mr OP Garg, the CST element comes to 2.8% of export value (assuming inputs cost 70%) which makes Indian exports less competitive. All exporters should be exempted from paying CST, he said.

The commerce ministry has not yet sent its formal budget proposal to the finance ministry. Officials are still working on the outlay they should ask for in the next fiscal.

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

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