- News>
- Business
FM assures tax sops, simple exim procedures for IT hardware
Finance Minister Yashwant Sinha on Saturday assured the IT hardware sector of tax sops and simplification of export-import procedures to promote the sector amid economic slowdown.
Finance Minister Yashwant Sinha on Saturday assured the IT hardware sector of tax sops and simplification of export-import procedures to promote the sector amid economic slowdown.
There are some issues relating to taxation which we shall consider and provide relief either immediately or in the next budget, Sinha told reporters after a meeting with IT minister Pramod Mahajan and industry representatives here.
Sinha said the Centre had already announced some customs and excise relief in the last budget and pending issues would be considered now after consultation with respective ministries. E-governance was another issue that came up during the meeting, Sinha said, adding government would soon set up a mechanism to monitor the three per cent expenditure by individual ministries in it initiatives.
The issues related to Information Technology Agreement (ITA) under the WTO obligations, were also taken up by the two ministries, although Sinha declined to elaborate the government's stance. Some of the spot decisions taken today included simplification of export-import procedures, so that the industry is able to operate in a more congenial atmosphere, he said, adding the government has decided to offer 24-hours facility in customs procedures for hardware importers to reduce the time lag. The facility would be available in three-sea ports (Chennai, Mumbai and Kolkata), and in four airports (Bangalore, Hyderabad, Delhi and Goa).
Bureau Report
There are some issues relating to taxation which we shall consider and provide relief either immediately or in the next budget, Sinha told reporters after a meeting with IT minister Pramod Mahajan and industry representatives here.
Sinha said the Centre had already announced some customs and excise relief in the last budget and pending issues would be considered now after consultation with respective ministries. E-governance was another issue that came up during the meeting, Sinha said, adding government would soon set up a mechanism to monitor the three per cent expenditure by individual ministries in it initiatives.
The issues related to Information Technology Agreement (ITA) under the WTO obligations, were also taken up by the two ministries, although Sinha declined to elaborate the government's stance. Some of the spot decisions taken today included simplification of export-import procedures, so that the industry is able to operate in a more congenial atmosphere, he said, adding the government has decided to offer 24-hours facility in customs procedures for hardware importers to reduce the time lag. The facility would be available in three-sea ports (Chennai, Mumbai and Kolkata), and in four airports (Bangalore, Hyderabad, Delhi and Goa).
Bureau Report