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 ...
Pre-budget meet: Export bodies suggest ways to boost global trade
The current service tax refund mechanism is a cumbersome process. The government should exempt the service tax for exports on purchase of capital goods from indigenous manufacturers under EPCG scheme The Dollar Business Bureau The government should consider the inverted duty structure in respect of various items as it not only affects exports but also the manufacturing sector Several industry bodies on Wednesday proposed to the government some additional measures including a continuation of certain tax exemptions to expand manufacturing capacity and encourage exports. In its pre-budget meeting with the Finance Minister Arun Jaitley, the Engineering Exports Promotion Council (EEPC) recommended that the corporate tax rate should be brought down to the MAT rate of 18% or export income should be taxed at ...
Centre to soon fix delays in tax refunds, says top I-T official
The Dollar Business Bureau The government is making all out efforts to fix the problems of delay in tax refunds being faced by taxpayers, a top Income Tax department official said. “If you have excess collected, or if, based upon appeal effect or for whatever reason, refund is due which you have not got for long time, we are trying to resolve these problems,” said Nutan Sharma, Chief Commissioner of Income Tax-TDS (Tax Deduction at Sources). Sharma said that the functionality is already available with TDS assessing officers and it will be operational very soon. “Some issues regarding fate of the old cases and others we have taken up with CBDT (Central Board of Direct Taxes) and very ...
Clarity and certainty in tax laws will avoid litigations: Expert
Sai Nikesh | The Dollar Business The Associated Chamber of Commerce and Industry (ASSOCHAM), India, on Wednesday, organized a National seminar on Tax Deduction at Source (TDS). The seminar discussed various issues and challenges in the Indian taxation system, while making a strong pitch for timely remittances of taxes as key factors for TDS and the government revenues. Speaking to The Dollar Business, Anshu Khanna, Partner, Tax & Regulatory Services, Walker Chandiok & Co LLP, said, “There is a clarity and certainty that has to be attained in the tax laws so as to avoid litigations.” She further urged for simplification of procedures, clear tax mechanism, dispute resolvation mechanism in the cases involving international investors and a soft ...
