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This Budget should address macro issues that impact demand generation. Industry also needs administrative and tax reforms in various areas like for movement of goods and double taxation.

In 16 States, there are entry formalities for goods movement. Every transaction needs to accompany with entry form, availability of which is always cumbersome. There are also double taxation on works contracts for providing services to customers in O A and imaging industry.

We levy service tax on total value of contract and then VAT on material value. This needs correction. On custom duties, correction is needed on lens and accessories of Digital SLR which are classified separately and attract peak duties of 10 per cent whereas Digital SLR is classified under zero basic duties.

This results into extremely high grey market for lenses causing enormous revenue losses for the Government as well as companies operating in India.

Further, some announcement on GST progress roadmap will be highly welcome.

Alok Bharadwaj,

Senior Vice-President, Canon India

More Stories on : Budget | Double Taxation Treaties

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