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2011-06-27

Manufacturing to get tax boost

The proposal is facing resistance from revenue department and the Central Board of Direct Taxes.

Investing asset-sale proceeds in business likely to be exempted from capital gains tax. The government is mulling over exempting sale of house or any other asset from capital gains if the proceeds are used for setting up a business.

 

A committee of secretaries will met on Tuesday to give final shape to its planned national manufacturing policy which proposes sops for small and medium businesses that aim to increase the sector’s share in GDP to 25 per cent by 2025 from the existing 16 per cent and create over 100 million jobs.

 

However, the proposal is facing resistance from revenue department and the Central Board of Direct Taxes.

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