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Aug 17, 2009

CODISSIA seeka single GST !

The Coimbatore District Small Industries’ Association has appealed to the governments to have single Goods and Services Tax (GST) from April 1, 2010.This is one of the resolutions passed at the annual general meeting of the association here recently.

The resolution urged the State and Central governments to share the revenue generated between them.The governments should ensure easy flow of credit till the goods reached the end consumer and the net GST should not exceed 16 per cent. The draft proposals regarding implementation of the GST should be published immediately. The excise duty and service tax exemption granted to small-scale industries now should be extended to the GST regime too. And the exemption limit should be increased to Rs. 3 crore.

Depreciation

The depreciation should be increased to 30 per cent for micro and small industries to encourage them to invest in plant and machinery. With the current inflationary trends, personal Income-Tax exemption should be increased to Rs. 3 lakh and the rate of Income Tax above Rs. 3 lakh income should be reduced to 10 per cent.

For small and medium enterprises, registered firms and companies it should be 20 per cent. Small industries (power operated) that employed up to 30 workers should be exempted from the purview of labour laws, ESI Act and Provident Fund Act.Though the small industries were treated as priority sector, bank lending rates for these units was higher than large units.

Interest rates for small-scale units should be kept below 10 per cent, according to the association.

Electricity Act

Tamil Nadu was one of the States yet to ensure the reforms proposed in the Electricity Act 2003. Electricity Tax was levied on power generated by the industries from generators that were installed for stand-by purpose. Commercial tariff was charged for new connections to industries till they reached 75 per cent of the connected load. This Tamil Nadu Electricity Board should charge only industrial tariff for such consumers.The new Export Import policy from 2010 should encourage micro, small and medium enterprises to export their goods.

The Duty Entitlement Passbook Scheme should be extended for five years from 2010.Infrastructure development was key to Coimbatore’s growth and the Government should improve connectivity between Coimbatore and the Kochi and Thuthukoodi ports, the association said.

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