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: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: due date for vat payment
 
 
News Headlines »
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31

Demand for tax-free manufacturing rejected
July, 06th 2006

In a closed-door meeting with apex industry bodies, the finance minister has categorically shot down India Incs demand for tax-free manufacturing.

In fact, even for claiming tax concessions, the FM has asked industry to come up with specific suggestions mutually viable to both the government as well as corporates. One hint that the FM dropped was granting a 150% tax benefit to industry if it rigorously adopts ITIs, at the rate of 100 per year.

According to well-placed industry sources who were part of the meeting, the FM also expressed concern over the fact that there were no takers for the eight coal blocks released recently by the government.

The FM said, The demand of industry for tax benefits could not be considered only in the name of spurring manufacturing. In all, the FM had raised 17 issues and urged industrialists to come up with specific answers to them. The sources said there were certain issues mostly related to environment, infrastructure and power on which even the industry did not have a clear stand.

The FM also assured industrialists that the issue of speedier environmental clearances and power concerns was being taken up, and the government had convened a ministerial meeting tomorrow to discuss this.

The FM also hinted at extending the governments National Rural Employment Guarantee Act (NREGA) to manufacturing. The most important poser that the finance minister had for the industry was, why there wasnt any significant investment in power & infrastructure despite all possible assistance from the government.

From the industry side, Pepsi India chief Rajiv Bakshi raised the point that the Bureau of Indian Standards (BIS) is not accepted in the US and a new ingredient incorporated in the PFA takes a lot of time for clearance. Vikram Thapar, head, KCT Coal Sales, voiced concerns over the fact that only untenable mining blocks are being opened for private sector participation.

PM Sinha, chairman, Bata India, said retail infrastructure can increase employment levels for even part-time workers. Surinder Kapur, chairman & managing director of Sona Koyo, highlighted the need of the manufacturing sector to be able to get fiscal incentives so that they can procure funds for skill development in ITIs.

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

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