Need to relook at policies impacting growth of domestic manufacturing industry: CBEC
Updated: Jul 19, 2014 02:06:59pm
New Delhi, Jul 19 (KNN) There is a need to relook at policies as they impact growth of domestic industry over a short-term or long-term period and whenever a policy is made whether it is for exports or otherwise, these things need to be kept in view, chairperson of the Central Board of Excise and Customs (CBEC) has said.
“Our policies need to be looked at and the industry needs to participate in the decision making process to bring out the effect of policies both in the medium and in the long term in domestic manufacturing,” said Head of CBEC, J M Shanti Sundharam while inaugurating a national seminar on ‘Post Budget Discussion,’ organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
“The actions which we have taken (in the budget) have been as a result of policies which have actually led to degrowth of manufacturing so it would be good if the industry when it interacts with ministries for forming of policies both for import and export and for manufacturing sees this entire thing not with a short-term vision but at least with a medium or a long term vision,” she added.
“Manufacturing sector was under stress due to a variety of reasons as in FY 2013-14 as the growth in manufacturing hardly crossed into the plus, so we needed a tax environment which would be conducive to revive the growth and we have used different means and methods for encouraging growth and for ensuring a conducive tax environment,” said the CBEC chairperson.
“We’ve also tried to give a judicious mix of increase or decrease in the duty structures to help the industry,” she added.
On the issue of meeting additional collection targets, Sundharam said that the targets are still high and it will probably show results after six months’ time. “Indirect tax targets are extremely high with reference to what our growth was.”
Meanwhile, the chairman of the Central Board of Direct Taxes (CBDT), R K Tewari, in his address at the ASSOCHAM conference said the CBDT is further upgrading the technology to minimise litigation, enhance tax collection and provide best services for better co-operation between both taxpayers and the department. (KNN Bureau)
“Our policies need to be looked at and the industry needs to participate in the decision making process to bring out the effect of policies both in the medium and in the long term in domestic manufacturing,” said Head of CBEC, J M Shanti Sundharam while inaugurating a national seminar on ‘Post Budget Discussion,’ organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
“The actions which we have taken (in the budget) have been as a result of policies which have actually led to degrowth of manufacturing so it would be good if the industry when it interacts with ministries for forming of policies both for import and export and for manufacturing sees this entire thing not with a short-term vision but at least with a medium or a long term vision,” she added.
“Manufacturing sector was under stress due to a variety of reasons as in FY 2013-14 as the growth in manufacturing hardly crossed into the plus, so we needed a tax environment which would be conducive to revive the growth and we have used different means and methods for encouraging growth and for ensuring a conducive tax environment,” said the CBEC chairperson.
“We’ve also tried to give a judicious mix of increase or decrease in the duty structures to help the industry,” she added.
On the issue of meeting additional collection targets, Sundharam said that the targets are still high and it will probably show results after six months’ time. “Indirect tax targets are extremely high with reference to what our growth was.”
Meanwhile, the chairman of the Central Board of Direct Taxes (CBDT), R K Tewari, in his address at the ASSOCHAM conference said the CBDT is further upgrading the technology to minimise litigation, enhance tax collection and provide best services for better co-operation between both taxpayers and the department. (KNN Bureau)
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