SME Times is powered by   
Search News
Just in:   • Equity indices break two-day losing streak on value buying  • IMF urges Sri Lanka to tighten monetary policy  • Global semiconductor sales to reach $676 bn this year: Gartner  • Tinna Rubber hits upper circuit, investors accumulate 900% returns in year  • Availability of jobs in Japan improves for 1st time in 3 yrs 
Last updated: 12 Dec, 2017  

budget-2018THMB.jpg Pre-Budget Meet: IT sector seeks tax incentives

Arun Jaitley meeting economists
   Top Stories
» Net direct tax collection reaches highest-ever figure in FY 22
» Musk has to manufacture here to sell Tesla cars in India: Gadkari
» Round tripping of industrial inputs by large players unfavourable to local value chains
» Sitharaman engages investors in Silicon Valley
» Modi hails India's success in achieving target of $400 billion of exports
Saurabh Gupta | 12 Dec, 2017
The Union Finance Minister Arun Jaitley Monday holds his 6th Pre-Budget consultation meeting with stakeholders from Information Technology (IT) (both Hardware & Software groups) in New Delhi, the industry leaders seek help from the government against protectionist policies and also seek tax incentives for growth of the sector.

Jaitley said that to promote indigenous manufacturing of electronic goods, many steps have been taken by the present Government in last three years including rationalization of the tariff structure with extension of differential excise duty dispensation on specified electronic equipments and withdrawal of duty exemption etc.

The Finance Minister said that in the Union Budget 2017-18, with the aim of creating an eco-system to make India a global hub for electronics manufacturing, the allocation for incentive schemes like M-SIPS and EDF has been exponentially increased to Rs 745 crores. 

Along with the Union Finance Minister Jaitley, the Pre-Budget Consultation Meeting was also attended by the Minister of State, S.P Shukla, Dr. Hasmukh Adhia, Finance Secretary and other senior officers of the Ministry of Finance.

The IT sector representatives invited the attention of Minister to the fact that India's competence in IT-Software is recognized globally.

In recent times, software development and information technology enabled services (ITeS) including business process outsourcing (BPO)/ knowledge process outsourcing services (KPO) industry in India has emerged as one of the most dynamic and vibrant sectors in India's economy with huge employment potential.

They however pointed out that considering some recent protectionist and discriminatory policies followed by other countries, the IT sector would need Government's help at Policy level to ensure combat visa restrictions issues as also to ensure our economic interests.

Similar to steps taken in previous budget to promote indigenous manufacturing of electronic goods, more steps to include rationalization of the tariff structure with extension of differential excise duty dispensation to mobile handsets/ tablet computers and other specified electronic equipment, should be taken in the forthcoming budget for Promoting Broadband; Access for easier fund for Telecom;  Tax free Bond for Telecom; Lowering GST on Telecom services to 12 percent instead of 18 percent; BCD on all non ITA-1 products;  Depreciation benefits for Make in India; Promote components hub;  Keep Electronics Sector out of RCEP and increase import duty on Mobile handsets.

Stakeholders from IT Group who attended meeting included Sr. Vice President, Global Head Taxation Infosys, Renu Narvekar, Vice President, Global-Tax, TCS, R Chandrasekhar, President NASSCOM, Rajiv Agarwal, Vice Chairman, Telecom Equipment & Services Export, Prasad Garapati, Chairman Electronics and Computer Software Export and others.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 27 Apr, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter