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| indiantelevision.com's Breaking News |
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| MAIT asks for reduction of exicse duty
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Indiantelevision.com
Team
(25 February 2003 5:00 pm) |
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| MUMBAI: The Manufacturers Association of
Information Technology (MAIT) has just one expectation from the forthcoming
Budget - a reduction in excise duty to eight per cent (or six, if
the government adopts the excise duty structure as recommended by
the Kelkar committee) from the current 16 per cent, till the government
introduces a composite value-added tax. |
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The government needs to urgently address the challenges
of the inverted tariff structure arising out of the implications of
the IT Agreement of the World Trade Organisation, says MAIT. The government
must ensure a customs duty waiver on all capital goods for infotech,
electronics, telecommunications manufacturing and raw materials, including
dual usage items, as the finished products hit zero duty.
MAIT executive director Vinnie Mehta says it is important to reduce
duty to be globally competitive. The domestic infotech market is back
on the growth track, which has bolstered the confidence of the hardware
industry. However, there is still a long way to go before we become
a globally competitive industry, says Mehta. To ensure that infotech
reaches the grassroots level in India, there is a need to bring down
the price of its products, adds Mehta. |
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