« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  Decision on central sales tax phaseout next week... Chartering foreign ship? Get ready to pay tax here... » 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.