Other suggestions include reduction in Dividends Distribution Tax and to bring down the maximum rate of Income Tax to 20% to encourage investment, at par with other development countries. It was also suggested to create Regulations Free Export Zone for setting-up 100% Export Oriented Units both by domestic and foreign investors which in turn would help not only in creating employment opportunities but also in earning foreign exchange for the country.
While restoring the benefits under the export promotion schemes of duty free imports under Advanced Authorization, Export Promotion Capital Goods and 100% Export Oriented Units and thus resolving the problem of blocked working capital for exporters following the roll out of GST, the FTP review has focused on increasing the incentives for labour intensive MSME sectors.
It was also suggested to give various tax reliefs to the plantation companies for the expenses incurred by them to provide welfare facilities to their workers under the Plantation Labour Act 1951. Similarly, considering the variations in the Agriculture Income Tax (A.I.T.) from State to State, Rules 7A, 7B and 8 and the Income Tax Rules may provide for rebate against the liability of tax under C.I.T. to the extent of additional amount paid on account of higher A.I.T.
Other demands include the raising of the ceiling for Income Tax purposes for Salaried Class persons and Pensioners up to Rs.5 Lakh per annum; and Rs.8 Lakh in case of Senior citizens. Other suggestions include GDP Growth should be translated in full basket; Income Gap between rich and poor be checked by taxing rich people who can afford to pay; Workers of un-organized Sector be given benefit of EPF; and Agriculture Reforms be undertaken to generate employment etc.
FM: Ask the officers of the Directorate of Revenue Intelligence (DRI) to keep pace with technology and use the latest technological tools such as data analytics in fighting the menace of smuggling of sensitive contraband items such as gold and narcotics among others.
GST RELATED REFORMS- GST has been launched w.e.f. 1.07.2017. It incorporates zero rating of exports. Taxes will not be exported. On the export of finished goods, there is an option of either obtaining refund of GST paid or getting exemption from payment of GST on submission of Letter of Undertaking/Bond.
DGFT notifies Foreign Trade Procedures 2015-20 (w.e.f. 05.12.2017) which contains the following :- CHAPTER 1 INTRODUCTION & TRADE FACILITATION 1.01 Notification of Procedure In pursuance of the provisions of paragraph 1.03 of Foreign Trade Policy (FTP), the Director General of Foreign Trade (DGFT) hereby notifies the procedure to be followed by an exporter or importer […]
CBEC released Anti-Profiteering Application Form (APAF – 1) which is to be To be filed before Standing Committee/State level Screening Committee in terms of Rule 128 of CGST Rules, 2017. The form is of only one page and also includes instructions for filing. Anti-Profiteering Application Form (APAF – 1) is with reference to a single […]
Vacancy for Manager Accounts and Finance with a Muti National Company based at Mumbai for CA Inter / M.com / ICWA / MBA having 8 to 11 years of experience in Accounts and Finance. Job Description MAIN DUTIES AND RESPONSIBILITIES Essential duties and Responsibilities (others may be assigned) MIS & Budgeting -Prepares monthly “Statement of Goods Manufactured” for Couplers […]
The Central Bureau of Investigation has filed a charge sheet before the Special Judge, CBI Cases, Ahmedabad against then Deputy Commissioner of Customs, Mundra and a private person in a bribery case.
