Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 4 reasons why deadline to file ITR should be extended this year
 It’s time to file your India tax return
 Are you filing the correct GST return?
 How foreign companies can file income tax return in India
 Last minute checklist for filing income tax return
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s

Plan panel opposes tax benefits for imported textile machinery
September, 20th 2006
The Planning Commission is against a proposal to extend fiscal sops for importing second-hand textile machinery. It is of the view that any such incentive would bring in obsolete technology to the country. The proposal to allow a 5% interest waiver under the Technology Upgradation Fund Scheme (TUFS) to textile firms purchasing old machinery from abroad was mooted by the textile ministry. The ministry has demanded interest waiver as it would enable the import of affordable technology at the time when there is a shortage of textile machinery. The interest waiver is expected to encourage domestic firms to import used machines and equipment. But the Planning Commission feels that such an assistance will make India a junkyard of old machinery, government sources said. Therefore, the firms importing machinery will get no financial assistance from the government. The proposal for providing financial assistance for imported machinery was discussed at the Inter-Ministerial Committee meeting. According to sources, the textile ministry has also suggested a cap of five years on old machinery to ensure good quality imports. With few companies producing textile machinery, at present India imports most of the machinery from Europe or America. According to analysts, imported machinery is twice as costly as Indian machinery. So the textile ministry has been planning to promote the imports of second-hand machinery, which is affordable. Any move against an interest waiver would further restrict expansion of spinning capacity of Indian textile firms that are facing a stiff competition from China, said DK Nair, secretary general, Confederation of Indian Textile Industry. India has been lagging behind China as far as exports of finished textile products are concerned. The interest waiver was expected to enhance the production and exports of finished products. Analysts believe that since textile machinery, spindles for instance, has a life span of about 25 years, it makes sense to import 5-8-year-old machinery at a cheaper cost. India is already a major importer of textile machinery from Europe and America. Surpassing Turkey and China, India has become the largest importer of Swiss textile machines in the current year. Meanwhile, some European firms have already shown interest in setting up bases in India. For example, Sulzer and Rieter, the Swiss leaders in machinery, and Picanol, the Belgian machinery manufacturer, are in the process of setting manufacturing bases in India, industry sources said.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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