“Another important proposal relates to the waiving of Service Tax on taxable service and Expansion of services under Section 66D (l) (ii) & (iii) of the Finance Act 1994 – negative list of service tax and service tax on the vocational education/training courses.” We are also trying for the expansion of list of trimmings and embellishments under notification no 12/12 –customs dated 17th march’2012 as amended by notification no. 51/2012-customs dated 13.9.2012.”
Chairman further informed that in the direct tax section we have requested for the disallowance of expenditure for non-compliance of TDS provisions and increase in the rate of depreciation from the assessment year 2011-2012. Weighted deduction on expenditure incurred on Export Promotion to the extent of 1/3rd, as was permissible earlier under Sec 35B. if met this provision will compensate for export related expenses, and transaction cost.
The separate chapter for export sector is a very important demand which will help us to get the credit at low interest rate helping to boost our exports, if met. The Government should also provide 5% incentive under Market Linked Focus Product Scheme for the exports made to other than traditional markets because exports to non- traditional markets have been growing and it needs the adequate support at right time.
Exemption of service tax on ECGC premium and weighted deduction on expenditure incurred on Export Promotion to the extent of 1/3rd, as was permissible earlier under Sec 35B are few important demands. We would also request to allow TUFs holder also to avail zero percent duty facility under EPCG.
Chairman AEPC further stated that, with a view to enhance the export-competitiveness of the Indian textile and garment industry, mitigate the impact of imminent recession in major markets, which have adversely impacted garment exports this year, following recommendations are put forth.
Click here to read the detailed proposal.
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