Latest Expert Exchange Queries

Make 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) | 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: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

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