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TEA President welcomes Union Budget 2009-10

06
Jul '09
Shri. A. Sakthivel has welcomed the Union Budget 2009-10 presented by the Union Finance Minister on 06.07.2009 in the Parliament and said that the budget has addressed many of the requisitions made by the Association.

On Direct Tax measures, Shri. A. Sakthivel welcomed the removal of Fringe Benefit Tax and extension of Tax Holiday for 100% EoUs for one more year, for the Financial Year 2010-11.

Shri. A. Sakthivel hailed the exemption of two taxable services, namely, Transport of goods through road and commission paid to foreign agents from the levy of Service Tax. He also welcomed the facility of refund mechanism based on self certification of the documents where such refund is below 0.25% of FoB value.

He welcomed the extension of 2% Interest Subvention given to few exporting sectors upto March 30, 2010 from September 31, 2009 and also extension of Market Development Assistance Scheme (Market Linked Market Focus Scheme given in the form of scrip at 2% of FoB value) upto March 2010 and extension of enhanced ECGC cover at 95% upto March 2010.

Shri. A. Sakthivel welcomed the provision of Rs. 4,000 crore as Special Fund to SIDBI for the beneficial of Micro and Small Enterprises.

Shri. A. Sakthivel also lauded the setting up one Handloom mega cluster in Tamilnadu.

Shri. A. Sakthivel hoped that the Government will immediately form a Drawback Committee and expedite the collection of data and thereafter increase the Duty Drawback rate soon. He also requested the Finance Minister to consider the derivative losses incurred by the exporters and announce a measures to bail out the small exporters from the concerned problem.

On Market Development Assistance Scheme, he requested to increase the allocation from the Budget announcement of Rs. 124 crores.

Tirupur Exporters Association


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