“Presently, in case of CENVAT credit, drawback rate is 2 percent for export of cotton yarn. This condition should be removed and the same should be allowed to take the DB benefit at 8 percent and CENVAT credit. Reimbursement of TUF interest of 4 should be raised to 7 percent. Additional capital subsidy of Rs2 crore must be given for captive power project under textile industry.
“During last few years the service tax has been enhanced to 12.50 percent and more services are included year after year. Inspite of this, there was no relief in income-tax and personal taxation. Thus, Government should scale down the Corporate Income-tax and Personal IT rates.
“The Government should work out arrangements for committed supply of lignite at fix rate for captive power generation use. Last but not least, the Government should not increase VAT rates even to compensate the proposed reduction in CST.”
Each of the business houses is optimistic that when the Union Finance Minister, Mr P Chidambaram stands up to declare the budget for this year, all their suggestions would be taken into consideration.
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Fibre2fashion News Desk - India
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