Friday, Mar 29 2024 | Time 11:11 Hrs(IST)
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Business Economy


FIEO demands service tax exemption on exports

Hyderabad, Jan 6 (UNI): Federation of India Export Organisation (FIEO) today said inverted duty structure in respect of various items may be given due consideration in the Union budget as it not only effects exports but also the manufacturing sector and adversely hit at “ make in India”.
Based on the feedback from trade and industry, FIEO President S C Ralhan submitted its proposal during the pre-budget consultation with Union Finance Minister Arun Jaitley for consideration and the same have already been deliberated with the CBEC Chairman.
In its proposal, the president said exports have been witnessing a downward trend for a couple of months, despite the Government has introduced various measures in the recent past to arrest the fall,.
Mr Ralhan said that inverted duty structure in respect of various items may be given due consideration in the Union Budget as it not only effects exports but also the manufacturing sector and adversely hit at Make in India.
Terminal Excise Duty (TED) on purchase of Capital Goods from indigenous manufacturers under EPCG Scheme may also be exempted as the current refund process leads to blockage of working capital for a considerable period of time and increase transaction cost, he said in its proposal.
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