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G. Gurumurthy

Wish-list to Centre also suggests removing fringe benefit tax, countervailing duty

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Coimbatore Feb. 23 The Union Commerce Ministry has been asked to consider directly routing the funds allotted under the Accelerated State Infrastructure Development for Exports (ASIDE) scheme to the Special Purpose Vehicle (SPV) companies formed by the export trade bodies to develop local infrastructure projects supporting their activities.

At present, the Commerce Ministry, as part of export promotion measures, is allocating funds under the ASIDE scheme to the respective State Governments to be spent for undertaking specific infrastructure development in export centres.

Instead of routing the fund to the State Governments, the Ministry could extend the ASIDE funds to the individual export promotion bodies/export trade associations in export centres to enable these organizations that take up need-based local infrastructure development schemes to benefit from export activities, the Tirupur Exporters Association (TEA) has suggested.

TEA wishlist

The TEA, in its wish-list submitted to the Commerce Ministry, to be incorporated during the review of foreign trade policy (2004-09), has also suggested introduction of zero per cent export promotion capital goods (EPCG) scheme, offer of exim scrip to the value of drawback as alternative to the duty entitlement pass book (DEPB) scheme and clearing the ambiguity in fixing the average annual level of export fulfilled by third-party exporters under the EPCG scheme.

It has also suggested doing away with the fringe benefit tax, countervailing duty for EPCG imports and service tax on export promotion travels while amending its foreign trade policy.

More Stories on : Knitwear & Hosiery | Tamil Nadu

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