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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: due date for vat payment :: cpt :: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARD :: form 3cd
 
 
Direct Tax »
 GST: Renaming Central Board of Excise and Customs to CBIC may take a while
 CBDT notifies new scrutiny notices with e-facility for taxpayers
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules

FM opposes extension of tax exemptions to industries
May, 31st 2008

Finance Minister P Chidambaram on Friday opposed the extension of tax exemptions to industries, stating that he has already turned down some proposals in this regard.

"I would be happy if the tax exemptions come to an end on the day of sunset clause" he told media persons in New Delhi.

Notably, Commerce Minister Kamal Nath has been supporting the demand of Export Oriented Units (EOUs) for extension of tax holiday beyond 2010.

The Finance Ministry has already extended the tax holiday for units set up in Software Technology Park of India (STPI) till 2010.

Expressing concern over sluggish growth in tax collections, he said that due to area-based tax exemptions, there was no one to one link between industrial growth and excise collections.

In Himachal Pradesh and Uttarakhand, the new units which are set up before March 31, 2010, have been granted tax holiday, including corporate tax holiday and excise duty exemption, by the central government.

When asked, Chidambaram said for instance, that food processing industry could grow at a high rate, but would have no impact on excise collections due to tax exemption.

According to Union Budget 2008-09, government lost over Rs 45,000 crore in 2007-08 due to various tax exemptions to the industry. It included about Rs 12,000 crore under STPI tax exemptions and about Rs 3,000 crore in area-based exemptions to Himachal Pradesh, Uttarakhand and northeastern states.

When asked, he said the production based excise collections from Gutka manufacturers would be made mandatory considering it "a special case" but it would not be extended to other industries.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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