FM requested to extend TUF scheme at Pre-budget meet
10 Jan '07
2 min read
The Union Finance Minister, Shri P. Chidambaram met representatives of industry, industry associations and chambers of commerce as part of his pre-budget 2007-2008 consultations with various interest groups and experts. The Finance Minister opened the discussion by requesting the participants to give their views on specific actionable points-tax and non-tax - to impart a new impetus to growth and investment by removing the existing obstacles.
Some of the important suggestions made by the participants during the meeting are as follows:
General: - Provide incentives for Research and Development (R&D) activities for all sectors; - Set up a Skill Development Bank and facilitate intermediation of knowledge; - Encourage investment in the infrastructure sector by providing/enhancing tax exemptions for such investment; - Move towards an effective GST rate of 15 per cent in the next few years; - Promote India as a Corporate Headquarter by giving tax incentives; - Give infrastructure status to gas pipelines and associated storage facilities and mega steel projects;
- Give exemptions for investment in agriculture related sectors like cold-chains etc; - Increase depreciation rate to 25 per cent per year for tax purposes; - Remove Fringe Benefit Tax (FBT) on expenditure incurred on sales promotion; - Remove anomalies in the Cutsoms and Excise duty structures; - Provide incentives for Indian companies to become global.
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