ASPA anticipates central excise to issue clarification for holographic products
Updated: Feb 26, 2015 01:22:11pm
New Delhi, Feb 26 (KNN) Pertaining to the coming Union Budget 2015-16, the Authentication Solution Providers’ Association (ASPA) a non-profit organisation of authentication solution providers expect that Central Excise will issue a clarification on various types of holograms and holographic based final products.
The clarification on the products should be considered according to their input raw materials, manufacturing/printing and converting processes, final hologram and holographic products end use, said ASPA Secretary, Chander S Jeena.
“Jumbo rolls imported for slitting in India should be treated as an “intermediate” product by Customs and should have a rate of duty that is less than that of finished slit rolls. This will encourage more value addition in India with subsequent benefits of creating more employment. Lower duty rates on Jumbos are common in most countries,” he said.
Regarding the export procedures which are very cumbersome, the secretary emphasised that products being imported can be sold in India as well as exported.
“It should be possible to import products after paying duty and on export, producing the relevant documents, as proof of exports, all duties paid on the inputs for such exports, should be refunded immediately to the exporter,” he said.
Jeena said the cost to the exporter will be exactly what it would have been had they imported using the advance license route.
“The advance license route is too cumbersome and if custom duties are included in the costing, exports are not competitive. If the above is implemented, an exporter has the option of selling domestic or export easily, without any obligations. Government revenue is safe as duty will be refunded only upon proof of export,” he said.
The secretary also stressed on private sector banks exploiting MSME companies, by levying a huge “pre closure charge” on pre-closure of a cash credit or term loan facility.
“This has to be regulated. The information of pre-closure charges is very often hidden in fine print in the agreement,” he said.
He also added that e-payment of TDS under various heads is a time consuming process and should be simplified.
Jeena, further, emphasised that there are cases appealed from an assesses regarding income tax refunds being upheld by a tribunal and the IT department has not further challenged the same in a higher court, is not done for many years. There is no mechanism to check if refunds have been done or not.
“The assesses needs to keep following up. There should also be a “negative mark” on the performance appraisal of an officer, if he loses any case when in appeal. This will prevent frivolous cases and bring down corruption,” he said. (KNN/ST)
The clarification on the products should be considered according to their input raw materials, manufacturing/printing and converting processes, final hologram and holographic products end use, said ASPA Secretary, Chander S Jeena.
“Jumbo rolls imported for slitting in India should be treated as an “intermediate” product by Customs and should have a rate of duty that is less than that of finished slit rolls. This will encourage more value addition in India with subsequent benefits of creating more employment. Lower duty rates on Jumbos are common in most countries,” he said.
Regarding the export procedures which are very cumbersome, the secretary emphasised that products being imported can be sold in India as well as exported.
“It should be possible to import products after paying duty and on export, producing the relevant documents, as proof of exports, all duties paid on the inputs for such exports, should be refunded immediately to the exporter,” he said.
Jeena said the cost to the exporter will be exactly what it would have been had they imported using the advance license route.
“The advance license route is too cumbersome and if custom duties are included in the costing, exports are not competitive. If the above is implemented, an exporter has the option of selling domestic or export easily, without any obligations. Government revenue is safe as duty will be refunded only upon proof of export,” he said.
The secretary also stressed on private sector banks exploiting MSME companies, by levying a huge “pre closure charge” on pre-closure of a cash credit or term loan facility.
“This has to be regulated. The information of pre-closure charges is very often hidden in fine print in the agreement,” he said.
He also added that e-payment of TDS under various heads is a time consuming process and should be simplified.
Jeena, further, emphasised that there are cases appealed from an assesses regarding income tax refunds being upheld by a tribunal and the IT department has not further challenged the same in a higher court, is not done for many years. There is no mechanism to check if refunds have been done or not.
“The assesses needs to keep following up. There should also be a “negative mark” on the performance appraisal of an officer, if he loses any case when in appeal. This will prevent frivolous cases and bring down corruption,” he said. (KNN/ST)
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