Financial Daily from THE HINDU group of publications
Tuesday, Jan 14, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 14, 2003 |
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Industry & Economy
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Excise and Customs `Duty cut must reflect non-cenvat payouts' Our Bureau
NEW DELHI, Jan. 13 THE reduction of customs duties in line with the three-rate customs duty structure proposed by the Kelkar Committee task force on indirect taxes, should reflect the non-Cenvat cost disadvantages that the domestic industry faces. This is one of the recommendations put forward by the Confederation of Indian Industry (CII) in its pre-budget memorandum 2003-04. The chamber feels that, in general, the recommendations regarding customs duties are in the right direction, the extent to which such duties are reduced over the years should be defined by non-Cenvat cost disadvantages faced by the domestic industry. In the absence of a unified VAT system throughout the country, all manufacturers pay State tax, cesses and multiple local levies on which there is no VAT credit. The chamber, therefore, believes that the reduction of tariffs should reflect this cost disadvantages, and has urged the Government to take these non-Cenvat payouts into account when recommending tariff rates for 2003-04 and thereafter.
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