Business Daily from THE HINDU group of publications
Wednesday, Dec 19, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Dec 19, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Automobile Components ACMA wants status quo on customs duty Our Bureau New Delhi, Dec. 18 Surging imports of auto components has led the Auto Components Manufacturers Association to ask the Government to maintain the current duty structure and not reduce it any further in its pre-budget memorandum. Citing last year’s Budget that reduced customs duty to 10 per cent and the subsequent reduction to 7.5 per cent in January this year, ACMA said: “Imports of auto components are higher than the total exports. Under the circumstances, there is no need for any further reduction in the cutoms duty.” To support the R&D done by domestic firms in collaboration with global firms with a domain expertise, ACMA has sought the applicability and coverage of weighted deduction to be made wider to include spend on R&D which is sourced out to such specialist global institutions. At present, tax deduction is limited to in-house R&D spend and prescribed institutions. Modernisation fundThe industry association has also sought provisions in its pre-budget memorandum that would enable the component sector to meet the targets set in the Automotive Mission Plan. It includes modernisation fund to upgrade technology of the component industry by providing a Rs 1,000-crore corpus from the Centre. Further, with a view to making the industry competitive, it has recommended to include provisions like corporate income tax holiday for eight years, customs duty exemption on import of raw material and machinery that are prevailing in other Asean countries like Thailand. More Stories on : Automobile Components | Excise and Customs | Exports & Imports
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