Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 BackBack Income Tax Act amendment on cards on tax treatment of MSME dues
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here
 Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals
  Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Why you need not rush to file your ITR immediately
 Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing

Industry wants central sales tax to go by '09
October, 30th 2006

The Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the government to implement a time-bound CST phase out programme by 09 and to lower the CST by 100 basis points every six months.

The apex industry body will take the matter up with the government next week. In its pre-budget suggestions on indirect taxes, FICCI has suggested that that petrol and petroleum products be brought under the valued added tax (VAT) net with maximum rate of 12.5% across all states.

Other recommendations include laying down of national VAT with total incidence of 20% and massive cut on commodity taxes. In its sector-specific recommendations, the chamber has proposed that the entire chain of food processing industry be given tax holiday.

To create a level playing field in the textile industry, it has called for removing the distortionary exemptions from the CENVAT chain to reach a fibre neutral fiscal regime.

Further , it has underlined the need for a progressive duty structure graduating from raw materials to finished goods, while simultaneously moving towards lower peak rates.

Pointing out to the immense pressure on margins the tyre industry is facing, FICCI has suggested reducing excise duty on tyres to 8% and removing customs duty on natural rubber.

To give a fillip to the pharma industry, the chamber has suggested reducing excise duty to 16%. The recommendations also include exempting life saving drugs from custom duty.

For the electronics hardware sector, it has suggested excise duty at 8% for entire electronics industry value chain and abolishing CST on all electronics hardware immediately.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting