Level-playing tax policies need of the hour for MSMEs
Execution of GST will put an end to complex taxation practices reducing transaction costs and making the system tax-payer friendly for MSMEs, says Confederation of Indian Industry Sai Nikesh | The Dollar Business CII recommends reduction of Central Sales Tax (CST) rate to 1% till GST is implemented In line with government’s initiatives aimed at improving manufacturing activity in the country, the Indian industry has been keen on promoting Micro Small and Medium Enterprises (MSMEs), which form the core part of any industry. In this regard, various industry bodies have been pitching on the need to extend incentive and skill-based support to small-scale industries. Ahead of Union Budget 2016-17 release on Monday, the apex industry body- Confederation of Indian Industry ...
Indian government invites Pre-Budget 2015-16 suggestions on duty structure, taxes
The Dollar Business Bureau | @TheDollarBiz The Ministry of Finance, Government of India, has invited suggestions from Trade Associations and other related bodies on changes in the duty structure for various items for consideration in the Union Budget 2015-16. Proposals are also invited on correction of inverted duty structure for commodities, direct and indirect taxes, and changes in Customs and Central excise duty rates. Suggestions must include justification and relevant data about production, prices, and the impact of the changes. Request for correction of inverted duty structure must be supported by value addition details at each stage of manufacturing of the commodity, according to an official statement by the Budget Officer of the Tax Research Unit (TRU), Ministry of Finance. Malay ...
