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: TDS :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

Auto industry seeks tax holiday, export sops
September, 08th 2006
For reforms at an accelerated pace by bringing in countrywide VAT The Indian automotive industry has sought tax holidays for investments exceeding Rs 500 crore in line with the ones enjoyed by large infrastructure projects, even as the Government said it would revamp some of the existing export promotion schemes. "In order to spur further growth, the industry has requested that the automotive industry may be brought under the purview of the existing incentive structure, which exist for other sectors of the economy," the industry said in the Draft Automotive Mission Plan (AMP) 2006-16 released by Society of Indian Automobile Manufacturers (SIAM) here. Other incentives sought by the industry include tax deductions of 100 per cent of export profits, single-stage clearances for FDI proposals in automotive sector, deduction of 30 per cent of net income for 10 years for new industrial undertakings. The industry has also asked for concession on import duty on machinery for setting up of new plant or capacity expansion and deduction of 50 per cent on foreign exchange earnings of automotive companies. Call for reforms On the exports front, the industry has asked for reforms at an accelerated pace by bringing in full country-wide VAT and at the same time withdrawing all other Central and State taxes levies on manufacturing. The industry has also called for maintaining a three-tier tariff structure for raw materials, intermediate products and finished products and implementation of a comprehensive GST and reduction of tariffs on raw materials before further reduction in automotive tariffs. The Government, in turn, has said it would consider revamping of export promotion schemes including DEPB, EOU and EPCG schemes. Currently, the EPCG scheme permits imports of capital goods at reduced Customs Duty of 5 per cent against export obligation. "With the gradual reduction of MFN rates of duty to a peak of 12.5 per cent, the duty exemption of 10 per cent points under export obligation lose attractiveness. This issue will be addressed," the Government said. It further said the proposal to extend product and market focus schemes to the automobile sector would be considered. In order to facilitate expansion of the domestic market, the Government has said it would consider rationalisation and simplification of taxation and documentation for interstate and intercity movement of vehicles and goods. "An attempt would be made to encourage the introduction of GST at the earliest," it said in the AMP. Additional workforce The automotive industry is expected to require an additional 25 million workforce by 2016 in both manufacturing and downstream and upstream activities. On this, the industry has suggested that initiatives for human resource development would be needed. "Existing labour laws need to be rationalised and adequate infrastructure is required to ensure availability of trained manpower," the industry said. Implementing AMP 2006-16 would need an incremental investment of $ 35-40 billion over the next 10 years. "It is anticipated that the bulk of the investment will come from expansion of capacities by existing manufacturers operating in India and remaining from global multinational corporation seeking to make India their manufacturing base... Competition for attracting investments in India would come from countries such as China and Thailand," the AMP said.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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