Govt planning to restructure tax regime, new policy for SMEs
Govt planning to restructure tax regime, new policy for SMEsNew Delhi, Oct 18 (KNN) In order to boost local manufacturing and create jobs, government is planning to revamp the tax system for the small-scale sector, ship-building and special economic zones (SEZs).
According to a TOI report, the revenue department has asked the commerce department to come up with options related to SEZs, an issue that is being discussed for over a year but has seen no progress, a senior government officer told the media.
Further the report said that the finance ministry has made it clear that all tax related proposals -such as those related to restoration of minimum alternate tax and dividend distribution tax exemption -will only be taken up at the time of the Budget.
Further, discussions on a new policy for the small-scale sector, including a reworked tax regime, have also started with the cabinet secretariat stepping in on Friday to work out steps that will boost the sector. (KNN/SD)