Industry & Economy
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Automobiles
Inadequate industry redressal, says SIAM
Our Bureau
New Delhi
,
May 3
THE Society of Indian Automobile Manufacturers (SIAM) is disappointed with the lack of redressal to the industry's concerns in the amended Finance Bill 2005.
The apex organisation has pointed out that the amended Finance Bill 2005 would still tax certain legitimate business expenditures.
SIAM suggested that legitimate business expenditure should not be included in the ambit of fringe benefit tax (FBT), as it would increase costs for corporates.
"The modification in the provisions of the FBT has only partially addressed some of the concerns raised by the industry,"
SIAM said. The automobile industry is also disappointed with the new levy of National Calamity Contingency Duty (NCCD) on CNG/LPG goods vehicles and three-wheelers for the transport of persons.
SIAM, in its post-Budget memorandum, stated that this levy is contrary to the Government policy of promoting alternative fuel vehicles and providing economic transport for common people and requested its withdrawal.
SIAM is an apex national body representing vehicle and vehicular engine manufacturers.
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