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Exporters demand removal of FBT & service tax
30 Jan '06
1 min read
With the Union Budget coming up next month, exporters and the Government have begun exercise in the right earnest to decide on vexed issues like Fringe Benefit Tax (FBT) and Service Tax.
Exporters demand, particularly on the withdrawal of FBT and services tax has gained momentum as informed by Commerce Ministry sources, which said that their recommendations have been forwarded to the Finance Minister P C Chidambaram.
Exporters dealing in a host of products ranging from marine to leather goods have sought removal of taxes from the post manufacturing stage to render their sectors competitive.
Among other suggestions to the Finance Ministry, exemption of service tax on customs house agents, air travel agents, foreign agents, clearing and forwarding agents and business exhibition services has also been sought.
Further, foreign travel expenditure tax, including participation in overseas fairs or exhibitions or overseas tour for business and foreign delegations, also needs to be scrapped, they said.
But, as informed earlier, the Finance Ministry is disinclined to remove FBT and may only go for its amendment in order to further streamline it.
Exporters demand, particularly on the withdrawal of FBT and services tax has gained momentum as informed by Commerce Ministry sources, which said that their recommendations have been forwarded to the Finance Minister P C Chidambaram.
Exporters dealing in a host of products ranging from marine to leather goods have sought removal of taxes from the post manufacturing stage to render their sectors competitive.
Among other suggestions to the Finance Ministry, exemption of service tax on customs house agents, air travel agents, foreign agents, clearing and forwarding agents and business exhibition services has also been sought.
Further, foreign travel expenditure tax, including participation in overseas fairs or exhibitions or overseas tour for business and foreign delegations, also needs to be scrapped, they said.
But, as informed earlier, the Finance Ministry is disinclined to remove FBT and may only go for its amendment in order to further streamline it.
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