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 RATES :: empanelment :: ACCOUNTING STANDARD :: form 3cd :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: cpt
 
 
« Service Tax »
 GST: Centre, states to divide taxpayer base
 A 5-Point Guide For Buyers To Understand The Effect Of GST On Real Estate
 Stalled unsorted diamond imports to resume after GST rate revision
 TDS, TCS deductors can apply for GST registration from 18 September
 E-commerce companies face tax heat as I-T department says discounts should be treated as capital spend
 Central Goods and Services Tax (Sixth Amendment) Rules, 2017
 GST will also impact direct tax collection
 Seeks to extend time period for filing of details in FORM GSTR-6 for months of July & August
 GST: Is input tax credit available for tax paid on mobiles given to staff?
 GST filing, reconciliation solution launched
  Finance Ministry asks taxmen to submit note on high-pitched assessments

TNCCI team meets finance minister, seeks tax exemptions
February, 04th 2012

A delegation from the Tamil Nadu Chamber of Commerce and Industry on Friday met Union finance minister Pranab Mukherjee in New Delhi and submitted a pre-budget memorandum for the Central Budget 2012-2013 demanding that the Union government exempt semi-mechanised units in the safety matchstick industry from excise duty.

The delegation consisted of TN president N Jegatheesan, senior president S Rethinavelu, secretary J Rajamohan, treasurer D S Jeeier Babu, and former member of parliament AGS Ram Babu.

They said, "In the safety matchstick industry, fully mechanized units and semi mechanized units were treated equally for levy of Central Excise. Hence, semi mechanized units which provide substantial employment in rural areas are unable to withstand the acute competition and are slowly becoming sick. They should therefore be provided with complete exemption from excise duty or with concessional rate of duty when compared to fully mechanized units."

Underlining that the SSI sector should be rejuvenated by enhancing central excise exemption limits, they said considering the present inflation and increased cost of inputs, the annual turn over exemption limit for central excise levy for SSI sector should be increased from Rs 1.5 crore to Rs 3 crore, and the value of clearance in the previous year to avail SSI benefit in the following year should be enhanced from Rs 4 crore to Rs 8 crore in order to rejuvenate the sector.

The delegation strongly objected to the levy of service tax on goods transport agencies on trade and industry who are only the recipients of such services instead of lorry transporters who actually provide such service. Further the service tax exemption limit of Rs 10 lakh allowed for all services is not made applicable for goods transport agency service. In all fairness, such benefit of exemption limit should be made applicable to trade and industry players also who are liable to pay service tax on goods transport agency.

Advocating an enhancement in income tax rate slab, they said individual income tax threshold should be increased to Rs 2.5 lakh for men, Rs 3 lakh for women and Rs 4 lakh for senior citizens. The rate slabs should be finalized as 10 percent for income over and above the threshold up to Rs 5 lakh, 20 percent between Rs 5 lakh and Rs 10 lakh and 25 percent above Rs 10 lakh.

They further said the annual turnover limit for mandatory tax audit for non-corporate entities under section 44 AB of the Income Tax Act should be increased from the present Rs 60 lakh to Rs 2 crore.

Stating that the new unified Goods and Service Tax which subsumes indirect taxes like Central Excise, Service Tax and State levied Value Added Tax, is highly beneficial to trade and industry, they sought that the integrated Direct Tax Code be implemented as early as possible.

They also put another demand in the memorandum that the Chamber of Commerce, registered as a non-profit organization, should not be Service taxed on subscriptions collected by them and income tax on the surplus amount accrued in their trade promotion activities.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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