Lift ban on jewellery trading in export processing zones: Rajeev Sheth
Source: IRIS | 06 Jul, 2014, 09.42PM
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Finance Minister Arun Jaitley will announce NDA government's first Union Budget for 2014-15 on July 10 under leadership of Prime Minister Narendra Modi. It would be the first litmus test for the newly elected NDA government which came to power with an overwhelming mandate - the best in the last three decades.
Commenting on the budget expectations, Rajeev Sheth, CMD, Tara Jewels, said, 'Treat exports as a national priority. In this context reintroduce benefits under Section 80HHC of the Income Tax Act wherein export income was exempted from income tax. Extend the tax holiday in export processing zones to 20 years from the present 10 years. This will help India control the current account deficit by giving a fillip to exports. This is important as India is vulnerable to currency shock due to its reliance on oil imports which constitute about one third of the overall import bill.
Lift the ban on trading of jewellery in export processing zonesspecial economic zones with immediate effect. Traditionally artificial curbs have only resulted in the strengthening of the grey market and the parallel economy. The best way for the government to curb this is to either do away with the import duty of 10% on gold. This will go a long way in easing smuggling.
For the last few years, number of units in export processing zones have been paying income tax. This income tax needs to be returned to the companies so that it can be re-invested into business growth. This will make sick units economically viable again as it would infuse the much needed cash flow.' Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
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