Industry & Economy
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Taxation
Board of Trade concerns will be addressed: Kamal Nath
Our Bureau
Mumbai
,
Jan. 13
THE Union Minister of Commerce and Industry, Mr Kamal Nath, has assured the Board of Trade (BoT) that key issues raised by them would be sent to the relevant departments for speedy implementation.
The BoT was set-up under the chairmanship of Mr Kumar Mangalam Birla, Chairman, Aditya Birla Group, last year. In its meeting here on Friday, the Minister urged the BoT to give its inputs for the forthcoming Union Budget and the Foreign Trade Policy (annual supplement) scheduled to be brought out in March.
Addressing the BoT, he indicated that he had discussed with the Union Finance Minister issues relating to the Fringe Benefit Tax and Service Tax incidence, which adversely affected the country's export competitiveness.
He also said that the Target Plus scheme would be revamped to make it more focused and ensure that the scheme actually fulfilled its objectives, an official note said. The scheme is an incentive based on the incremental exports and is being implemented at a cost of nearly Rs 8,000 crore. "Since Rs 8,000 crore is being spent on the scheme, it must generate at least 20-30 times this amount by way of export earnings for the country," he told the Board.
On the DEPB (Duty Entitlement Pass Book) scheme, he said that it would be continued till a new scheme was finalised, the note said.
Mr Birla told mediapersons that nine sub-groups made their presentations to the Minister in a meeting that lasted over three hours. Five of these groups were on generic trade-related issues, while the rest were more industry specific, he said.
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