Interviews
SIMA presents Pre-budget Memorandum suggestions
14 Feb '08
3 min read
• Exempt or grant refund of service tax paid on all input services used in relation to export of textile products.
• Exempt service tax on the value of foreign commission agency service with retrospective effect (16.6.2005).
• Include the provision of refund of service tax paid on input service rendered by GTA used for transport of export goods from factory to the port as against from ICD to Port extended vide Notification No.40/2007-ST dated 17.9.2007.
• The credit of service tax paid on installation, erection and maintenance of wind mill used to generate electricity for the manufacture of final product may be permitted to be set off against the duty paid on final product or granted a refund.
Foreign Trade Policy
• Considering the sharp appreciation of rupee value and the resultant low export realization, the export obligation fixed on mills may be waived or amended in proportion to a standard to be arrived at.
Central Sales Tax
• Permit the availment of credit of tax paid under Central Sales Tax Act incurred on purchase of cotton on inter-State basis.
Income Tax
• Declare that the expenses incurred on account of “modernisation and replacement” are entitled for deduction under section 31 of the Income Tax Act.
TUF Scheme
• Include Wind Turbine Generators under the eligible list of TUFS.
• Reimburse the TUF interest subsidy within three months and pay interest on thearrears if the period of reimbursement is extended beyond three months.
• The bank may reimburse the TUF interest subsidy upfront every month or else, charge only the net interest after adjusting the TUF interest subsidy.
• Exempt service tax on the value of foreign commission agency service with retrospective effect (16.6.2005).
• Include the provision of refund of service tax paid on input service rendered by GTA used for transport of export goods from factory to the port as against from ICD to Port extended vide Notification No.40/2007-ST dated 17.9.2007.
• The credit of service tax paid on installation, erection and maintenance of wind mill used to generate electricity for the manufacture of final product may be permitted to be set off against the duty paid on final product or granted a refund.
Foreign Trade Policy
• Considering the sharp appreciation of rupee value and the resultant low export realization, the export obligation fixed on mills may be waived or amended in proportion to a standard to be arrived at.
Central Sales Tax
• Permit the availment of credit of tax paid under Central Sales Tax Act incurred on purchase of cotton on inter-State basis.
Income Tax
• Declare that the expenses incurred on account of “modernisation and replacement” are entitled for deduction under section 31 of the Income Tax Act.
TUF Scheme
• Include Wind Turbine Generators under the eligible list of TUFS.
• Reimburse the TUF interest subsidy within three months and pay interest on thearrears if the period of reimbursement is extended beyond three months.
• The bank may reimburse the TUF interest subsidy upfront every month or else, charge only the net interest after adjusting the TUF interest subsidy.
Southern India Mills Association (SIMA)
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