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Auto hubs to lay hands on fiscal sops
September, 08th 2006
Its not just the SEZs. Automotive hubs are also likely to get access to a host of fiscal incentives. The government has proposed a tax holiday for all automobile industry investments exceeding Rs 500 crore alongwith a one-stop shop for FDI clearances. This apart, the government proposes tax deductions of 100% on export profits and 30% deduction for ten years on incomes of new industrial undertakings. The proposals are a part of the draft Automotive Mission Plan prepared by the ministry of heavy industry for a ten year period 06-16. The AMP also proposes rationalisation of taxes including taxes like octroi tax and inter-state taxes to do away with multiple taxes. The proposed benefits will also extend to import duty on machinery where a three-tier import tariff structure for raw materials, intermediate and finished products. The government also proposes 50% deductions on foreign exchange earnings of companies associated with the automotive sector like construction companies and hotels. The report, which was tabled by the minister for heavy industries and and public enterprises Santosh Mohan Dev, at the annual convention of SIAM, on Thursday, also proposes setting up of virtual SEZs and special auto-component parks (SAPs) for the sector. This is being done in the light of various free trade agreements that India has signed with other countries. The plan also involves implementation of a comprehensive goods and services tax (GST) regime and reduction of tariffs on raw materials. In order to prevent the industry from making frequent investments due to changes in emission norms, the AMP has proposed new emission norms that will come into effect one year after emission norms for new models are introduced. In addition, a minimum gap of four years between each successive stage of emission norms will be built into the emission roadmap. Speaking on the occasion, Mr Dev said, Indias productivity potential is about 85% of USA while investment and R&D is not commensurate to the growth potential. The industry needs to achieve economies of scale which will require bringing down costs, the minister added. The minister also informed the gathering that in the last three months nine companies including Tata and General Motors have committed investments worth Rs 11,000 crore. The report has been opened for debate in the industry and the media. The government will prepare a final report based on the response for seeking the approval of the Cabinet.
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