DGFT : Incentive Schemes for Manufacturing of Electronics/Electronics Components/Semiconductors The Ministry of Electronics and Informati...
Excise Duty : ♠ The new scheme is offered, as a measure of goodwill, only to the units which were eligible for drawing benefits under the earl...
DGFT : It not only replaces Served from India scheme (SFIS) available under the Foreign Trade Policy 20109-2014, but it rationalize the i...
DGFT : Objective of Merchandise Exports from India Scheme (MEIS) is to offset infrastructural inefficiencies and associated costs involve...
Custom Duty : A manufacturer can import capital goods under the provisions of IGCR. However, a situation may come where a manufacturer is requir...
Income Tax : Objectives Improve the ease of conducting transactions for an individual Build a transactions history to enable improved credit a...
Finance : A committee has recommended a host of tax incentives like exemption from customs duty, central excise and service tax to revamp th...
Income Tax : Majority of Indian companies feel tax incentives from the government are needed to accelerate adoption of energy-efficient busines...
Finance : What is evident in the CSO data for GDP growth and fiscal deficit forecast for the current year, it appears certain fiscal deficit...
Income Tax : The government will sift through the financial data filed by companies with the Registrar of Companies to get a better picture of ...
Income Tax : (1) The Act broadly provides for two types of tax incentives, namely, investment linked incentives and profit linked incentives. C...
Incentive Schemes for Manufacturing of Electronics/Electronics Components/Semiconductors The Ministry of Electronics and Information Technology has issued notifications on 01 April 2020 to introduce two incentive schemes for companies engaged in the manufacture of electronic products. 1. Production Linked Incentive (‘PLI’) Scheme – This scheme focuses on providing incentives of 4% to 6% on incremental sales […]
♠ The new scheme is offered, as a measure of goodwill, only to the units which were eligible for drawing benefits under the earlier excise duty exemption/refund schemes. ♠ All such notifications have ceased to apply w.e.f. 01.07.2017 and stands rescinded on 18.07.2017 vide Notification No. 21/2017-Central Excise dated 18.07.2017.
It not only replaces Served from India scheme (SFIS) available under the Foreign Trade Policy 20109-2014, but it rationalize the incentives under the erstwhile schemes, removes various kind of restrictions of use of scrip issued under the Scheme and significantly enlarges the scope of the earlier scheme. Unlike earlier Scheme, this scheme has been made applicable to exports by SEZ units.
Objective of Merchandise Exports from India Scheme (MEIS) is to offset infrastructural inefficiencies and associated costs involved in export of goods/products, which are produced /manufactured in India
Objectives Improve the ease of conducting transactions for an individual Build a transactions history to enable improved credit access and financial inclusion. Reduce the risks and costs of carrying cash at the individual level. Reduce costs of managing cash in the economy.
A manufacturer can import capital goods under the provisions of IGCR. However, a situation may come where a manufacturer is required to re-export the imported capital goods may be “as such” or after using for some period. In such a case, a manufacturer needs to obtain permission from the Assistant / Deputy Commissioner of Central Excise to re-export such capital goods. While giving re-export permission, it is observed that the Excise Department is asking such manufacturer not only to pay basic customs duty which was saved at the time of import along with interest but also to reverse Cenvat Credit availed on CVD and SAD paid.
A committee has recommended a host of tax incentives like exemption from customs duty, central excise and service tax to revamp the 30-year old Export Oriented Unit (EOU) scheme. After expiry of tax benefits for the EOUs, the government in February has set up a committee under the chairmanship of Development Commissioner, Noida SEZ, to revamp the scheme in sync with the changing business environment and gel with the Special Economic Zones.
Majority of Indian companies feel tax incentives from the government are needed to accelerate adoption of energy-efficient business practices, according to a survey.According to the survey by workspace solutions provider Regus, though India has been criticised for its high emission levels, around 30 per cent companies here monitor their carbon footprint.
What is evident in the CSO data for GDP growth and fiscal deficit forecast for the current year, it appears certain fiscal deficit management and measures to push growth beyond 7% will be on top of the agenda. This could mean policy makers shall take a hard look at concessions, an impact thereof on the macroeconomy and of course, strategies for greater tax revenue mobilization.
The government will sift through the financial data filed by companies with the Registrar of Companies to get a better picture of their investments and expenditure, helping it get better inputs for key policy decisions such as tax incentives. Financial details submitted with the RoC will be aggregated under various parameters such as investments, deposits and trade debt, a government official told. The initiative is driven by the ministry of corporate affairs. The RoC has financial data of nearly 10 lakh companies stored in its database management system, MCA-21.
