Business Daily from THE HINDU group of publications
Tuesday, Apr 15, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Apr 15, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Taxation Assocham for reduction in sales tax on aviation fuel Our Bureau New Delhi, April 14 The Assocham President, Mr Venugopal N. Dhoot, has said that if the Government is to reduce sales tax on aviation turbine fuel (ATF) by 10 per cent tax and customs duty by 4-5 per cent the industry can save about Rs 6,000 crore annually. In a statement, the chamber points out that domestic airlines pay over eight times higher taxes on ATF compared to what international airlines operating from India pay, thereby, eroding the annual profitability of domestic airlines by 11-16 per cent. The chamber feels that the monies saved by reducing sales tax on ATF and customs duty could be used for building airport infrastructure. Multi-layered tax systemThe statement adds that the industry is impacted by multi-layered indirect tax system that includes value-added tax, service tax, excise and customs duty. The impact of indirect taxes is not uniform and there are substantial variations between the tax treatment under various legislations for different types of aircraft carriers which is something that needs to be corrected, the statement points out. More Stories on : Taxation | Petroleum
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