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Govt plans to revamp SMEs and SEZs tax regime

Tags: sme, msme, sez, tax system, narendra modi, finance ministry, special economic zones, small and medium enterprises

October 18, 2014 | COMMENTS ( 0 )

Govt plans to revamp SMEs and SEZs tax regime

The government is getting down to business to boost local manufacturing and create jobs and is working on a series of measures, including revamp of the tax system for the small-scale sector, ship-building and special economic zones (SEZs), according to a report published in The Times of India.

 

Work has also begun on speeding up the system of clearances for the mining and power sector, including allocation of coal, after the government managed to rework the environment and forest clearance mechanism that was seen as a major hurdle for projects to take off.

 

The revenue department has asked the commerce department to come up with options related to SEZs, an issue that is being discussed for over a year but has seen no progress, a senior government officer told TOI.

 

At the same time, the finance ministry has made it clear that all tax related proposals — such as those related to restoration of minimum alternate tax and dividend distribution tax exemption — will only be taken up at the time of the Budget.

 

Similarly, discussions on a new policy for the small-scale sector, including a reworked tax regime, have also started with the cabinet secretariat stepping in on Friday to work out steps that will boost the sector that accounts for around 45 per cent of the manufacturing activity in the country and employs close to 6 crore workers. A large section in the government believes that a push to the micro, small and medium enterprises is critical to boost job-creation and to check unnecessary imports. 

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