Industry & Economy
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Exports & Imports
Exporters call on PM on taxation of DEPB licences
Our Bureau
New Delhi
,
Dec. 7
A DELEGATION of exporters, mainly textile exporters, called on the Prime Minister, Dr Manmohan Singh, to submit their views and concerns on the issue of levy of income-tax on sale or transfer of duty entitlement passbook (DEPB) licences.
"Our submission to him was that the profit on sale of the DEPB licences should be considered as export income and not `other income' as is being treated by the income-tax department. We are relieved and satisfied by his remarks that income-tax should be levied with prospective effect and not with retrospective effect", an exporter who was part of the delegation told Business Line here.
The delegation is understood to have impressed upon the Prime Minister that small and medium sized exporters would be wiped out if taxes were levied with retrospective effect.
The delegation, led by Mr K. Francis George, MP, and member of the UPA Coordination Committee, comprised Mr A.K. Gupta, President of All-India Silk Garment Exporters Association, Mr Bimal Mawandia, Chairman of Indian Silk Export Promotion Council, and Mr Subhash Mittal, Vice-President, Federation of Indian Export Organisations.
Exporters have been expressing disappointment in the recent months on this issue. They had been complaining that the UPA Government is doing little to help them tide over the imbroglio on levy of income-tax on profits earned from the sale of DEPB licences.
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