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2009-12-31

Tax sops-demand by SME engineering units

The small and medium enterprise (SME) exporters of engineering goods have finally resort to the government after failing to combat the lower overseas sales and poor margins. The small engineering expo

The small and medium enterprise (SME) exporters of engineering goods have finally resort to the government after failing to combat the lower overseas sales and poor margins. The small engineering export segment to strongly pitch for tax sops and simplification of export documentation processes and regulations.

 

The Engineering Export Promotion Council of India (EEPC India) has demanded for tax exemption on incremental exports for three years, with the base year being 2008-09. They have also asked for a weighted deduction of 1.5 times on the expenses incurred on overseas establishments and R&D for three years.

 

Other demands are pushing up the general rate of depreciation on plant and machinery from 15 per cent to 25 per cent.  It pitched for extension of 100 per cent depreciation on investments for replacement of obsolete technology in conformity with new global environmental standards.

 

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