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
Latest Expert Exchange
News Headlines »
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?

Tax rain: Capital goods to get output push
August, 26th 2006
The government may extend excise duty exemptions and tax benefits to the capital goods industry so as to boost production activity in the sector, the minister for heavy industries Santosh Mohan Dev said on Friday. The capital goods industry has asked the government that a minimum duty of 5% must be imposed on the import of capital goods as against 0% now, so as to give a level playing field to Indian industries, according to the draft report recommendations on Indian capital goods industry prepared by the Confederation of Indian Industry (CII). Also the customs duty for imported raw materials should be a minimum 5%, so that manufacturers source more of these domestically rather than rely on imports. The report has recommended a 150% weighted deduction on R&D expenditure as under the Income Tax Act and customs duty on laboratory testing equipment should be reduced to 5% or exempted. In addition, the government is also proposing a 2% interest subsidy on capital goods. These are slated to be discussed at the Prime Ministers High Level Committee headed by the chairman National Manufacturing Competitiveness Council (NMCC) V Krishnamurthy. Apart from this, the government has also started a capital goods competitiveness enhancement scheme for machine tools and textile machinery for two years 06-08 which is being tried on a pilot basis currently, the minister said. If successful, the scheme will be incorporated in the eleventh 5-Year Plan with the approval of the Planning Commission. The scheme aims to offer techniques in business development services, common research & development and modernisation to the capital goods sector. The report marks out electrical equipment, mining and construction, machine tools and process plants as the priority areas for growth in the sector. The capital goods industry has shown significant growth in the past two years with a 13.3% growth in 04-05 and 15.5% in 05-06. Up to May 06, the industry has recorded a growth of 21%, the minister said addressing the seminar on capital goods industry organised by CII. Speaking on the occasion chairman, NMCC, V Krishnamurthy said that more needs to be done to revive capital goods industries in the government like Heavy Engineering (HEC) and Hindustan Machine Tools (HMT). Customer orientation for heavy industries is important to stay in business as has been done by Bharat Heavy Electricals (Bhel) and Larsen and Tubro (L&T), he added.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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