Budget 2012 - Wish Lists start flying in
WITH just two and a half months to go for the 2012 Union Budget, Trade Associations have started sending in their wish lists for the kind consideration of the Hon'ble Finance Minister and more honourable, kind, respected and all-powerful babus of North Block.
It seems that The Indian Electrical and Electronics Manufacturers Association (IEEMA) has represented that Service Tax exemption has to be given to all Power Projects including power generation, transmission and distribution projects, like other infrastructure projects. They want the interest charged on differential duty due to fluctuations, to be waived; they have pointed out certain anomalies in rates of Customs duty fro raw materials and finished goods.
It seems that the Indian Paper Manufacturers Association (IPMA) wants excise duty on paper to be reduced to 4 percent; SSI exemption to paper up to clearances of 3500 MTs; the 1 percent duty to be withdrawn; 100 percent CENVAT credit on capital goods in the first year itself; rate of interest on delayed duty, non paid duty etc. to be brought back to 13 percent.
They also want excise duty, Cess SHE – all to be collected under one head.
They want depreciation allowed under Income Tax to be enhanced to 25 percent on Plant and Machinery. They want CST to be brought down to 1 percent.
And with just two and half months to go for the Budget, the Government has changed the portfolios of CBEC Members and has given the charge of BUDGET to a Member who will be retiring on 31st of March – just a month after Budget. He may not see the Budget through Parliament unless he gets an exemption.
If wishes were horses ……