Financial Daily from THE HINDU group of publications
Saturday, Dec 31, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 31, 2005 |
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Industry & Economy
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Excise and Customs Chamber plea for rebate in excise duties in under-developed States Our Bureau
Kolkata , Dec. 30 THE OJC Chamber of Commerce has urged the Union Finance Ministry to give a 10 per cent rebate in excise duties to industrial units located in under-developed states such as Orissa, Jharkhand and Chhattisgarh. In its pre-budget memorandum, the chamber asked the Union Government to increase infrastructure spending in these states and help raise the credit deposit ratio to be at par with the national level. The chamber has suggested categorisation of the industrial sector and felt that units with turnover of less than Rs 100 crore should be termed as small and medium scale. It has also suggested excise exemptions on turnover slabs between 10 per cent and 100 per cent. OJC Chamber is a federation of various industry associations, and Chambers of commerce of Orissa, Jharkhand and Chhattisgarh. The chamber has suggested simplification of the tax structure and a unified tax regime by merging multi-taxes. "Hidden taxes in the form of cross subsidy in electricity tariff and railway tariff should be phased out in the next three to five years," it is stated. Raising personal income tax exemption limit up to Rs 2.5 lakh was also suggested along with exemption of interest income from bank deposits up to Rs 1 lakh per annum. It has asked the Union Government to reduce income tax on corporate houses to 15 per cent in the next two to three years for promoting industrial growth. The chamber has also sought total excise exemption on agro-based products and processed foods to give a leg up to the rural economy.
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