C Shivakumar @ Chennai:
Ahead of Union Finance Minister Nirmala Sitharaman's Budget presentation on Saturday (February 1), Tamil Nadu Small and Tiny Industries' Association (Tanstia), the apex body of all district associations, Industrial Estate Associations, and Product Manufacturers' Associations of the state, has sought from the centre reduction of income tax (I-T) for small and medium enterprises and low premium insurance to safeguard the industry and entrepreneurs from all kinds of risk.
Tanstia president C K Mohan told TNIE that in case of risk due to natural disasters, there is no separate clause for industry under the national disaster fund as such, so the government should look at ways to support Micro, Small and Medium Enterprises (MSMEs).
A provision could be introduced under I-T where industries could be compensated during natural disasters. "This will result in more compliance to the tax regime," said Mohan.
Similarly, he rued that there is no exit policy for small and medium enterprises unlike large companies which have National Company Law Tribunal (NCLT) as the adjudicating authority under the Insolvency and Bankruptcy Code. So, the NCLT threshold limit for initiating insolvency process should be reduced to Rs 2 lakh instead of Rs 1 crore, he suggested.
Tanstia has also sought for increasing the rate of depreciation for plant and machinery to 40% so as to encourage small industries to undertake modernisation.
"The total depreciation for research and development and technology upgradation should be 1.5 times of the capital value," said Mohan.
The FM had announced a new mechanism for facilitating continuation of bank credit to MSMEs during their stress period while being in the special mention account (SMA) stage for reason beyond their control, but "till date no guidelines have been given on this", he said.
Under the procurement policy for small and medium enterprises, he said the existing limit (25%) reserved for small and micro industry from central public sector units shall be increased to 35%. Tanstia has also suggested setting up export facilitation centres, providing access to international markets, and increasing export subsidies. This can help MSMEs grow globally. The export subsidies shall be 10% on value of exports.
Tanstia also urged the Union government for simplication of forms and returns. "The government had made frequent modifications in forms and returns which are not easy to understand by the stakeholders. If there is any unintentional clerical mistake, the stakeholders face huge levy of taxes, interest and penalty. So, simplification of forms and returns is needed," he said.
Friday, January 31, 2025
Tanstia asks centre to reduce I-T for state MSMEs
Saturday, January 25, 2025
writingonblog uncensored: New AI powered platform for two-wheelers launched
writingonblog uncensored: New AI powered platform for two-wheelers launched: CHENNAI: Stepping into the next phase of the electric mobility by integrating advanced artificial intelligence (AI) technologies, Pure EV...
New AI powered platform for two-wheelers launched
CHENNAI:
Stepping
into the next phase of the electric mobility by integrating advanced
artificial intelligence (AI) technologies, Pure EV, a electric two
wheeler
manufacturer announced a significant upgrade in two vehicles
-- eTryst X, a motorcycle and epluto 7G Max, a high-end premium scooter,
by launching X Platform 3.0, including smart AI battery.
Aimed
at improving vehicle performance, connectivity, and overall rider
convenience, the vehicles will have first predictive AI and Cloud AI
combination of platform in the two-wheeler segement and marks a
significant step forward in enhancing the user experience and durability
of the vehicle, said Dr Nishanth Dongari, Founder and Managing director
of PURE EV. He said that the company has expansion plans of setting up a
plant in one of the four south Indian states with a capital expenditure
of Rs 400 crore in the next four years. The eTryst X motorcycle is
priced at Rs 1.2 to Rs 1.5 lakh while the scooter is priced at 1 lakh to
1.15 lakh. With the launch of new platform, Nishant hopes to double the
sales target by selling around 25,000 vehicles during the financial
year 2025-2026.
Friday, January 24, 2025
writingonblog uncensored: India can get additional exports of $25bn followin...
writingonblog uncensored: India can get additional exports of $25bn followin...: C Shivakumar @ Chennai: After US President Donald Trump proposed tariff hikes on foreign goods, a Federation of Indian Exports Organisatio...
India can get additional exports of $25bn following US tariff wars, says FIEO
C Shivakumar @ Chennai:
After US President Donald Trump proposed tariff hikes on foreign goods, a Federation of Indian Exports Organisation (FIEO) study has stated that India can get an additional export of around $25 billion in lieu of tariff war in sectors such as electronics and electricals, automotive parts and components, organic chemicals, apparel and textiles, footwear, furniture and home decor and toys.
Israr Ahmed, vice-president of Federation of Indian exports Organisation (FIEO) told The New Indian Express that Indian government should allocate additional corpus fund of Rs 250 crore into Market Access scheme which will focus on United States for next three years.
"We require increasing our presence in the US with showcasing in a large number of exhibitions, buyer sellers meet and tie up with large local associations of retailers and distributors in the US with proactive support of the Government. We want India to be an alternative for US consumers following tariff duties imposed on competitors," he said.
Ahmed said that India stands to benefit from Trump's announcement of levying tarrifs on foreign imports as it will impact countries like China, Canada and Mexico more than India.
However,, the textiles sector is cautious and says any tariff hike could impact the exporters in Tiruppur. The Tirupur cluster, a prominent MSME sector, comprises over 2,000 exporters and 20,000 MSME units, contributes approximately 55% of India's knitwear exports. President of Tiruppur Exporters Association K M Subramanian told TNIE that. "Indian textiles are the most preferred in the United States and we hope there will be no tariff imposed on Indian Textiles in lieu of good ties between President Trump and Prime Minister Narendra Modi."
Meanwhile, exporters have urged Finance Minister Nirmala Seetharaman to continue Interest Equalisation Scheme (IES), which is providing a level playing field to exporters, with a cap of Rs 10 crore per exporter. The demand comes as inflation is increasing the cost of inputs and the freight rates are still high. The exports during the operation of IES between 2015-2024 grew at a CAGR of 6.6 % as against merchandise trade growth of 4.4%. India’s non -oil exports are still growing despite global challenges. Interest Equalisation Scheme has helped exporters to obtain orders giving very less profit , which could have been lost but for the interest equalization scheme, exporters said.
A tax deduction of 200% to 250% has been sought for research and development spending under section 35(2AB) of the Income Tax Act.as R&D is required for almost all sectors but is more crucial for the sunrise sectors which will be the new driver of exports
Ahmed said that exports has been flat despite geopolitical tensions which is quite significant when compared to other nations.
After US President Donald Trump proposed tariff hikes on foreign goods, a Federation of Indian Exports Organisation (FIEO) study has stated that India can get an additional export of around $25 billion in lieu of tariff war in sectors such as electronics and electricals, automotive parts and components, organic chemicals, apparel and textiles, footwear, furniture and home decor and toys.
Israr Ahmed, vice-president of Federation of Indian exports Organisation (FIEO) told The New Indian Express that Indian government should allocate additional corpus fund of Rs 250 crore into Market Access scheme which will focus on United States for next three years.
"We require increasing our presence in the US with showcasing in a large number of exhibitions, buyer sellers meet and tie up with large local associations of retailers and distributors in the US with proactive support of the Government. We want India to be an alternative for US consumers following tariff duties imposed on competitors," he said.
Ahmed said that India stands to benefit from Trump's announcement of levying tarrifs on foreign imports as it will impact countries like China, Canada and Mexico more than India.
However,, the textiles sector is cautious and says any tariff hike could impact the exporters in Tiruppur. The Tirupur cluster, a prominent MSME sector, comprises over 2,000 exporters and 20,000 MSME units, contributes approximately 55% of India's knitwear exports. President of Tiruppur Exporters Association K M Subramanian told TNIE that. "Indian textiles are the most preferred in the United States and we hope there will be no tariff imposed on Indian Textiles in lieu of good ties between President Trump and Prime Minister Narendra Modi."
Meanwhile, exporters have urged Finance Minister Nirmala Seetharaman to continue Interest Equalisation Scheme (IES), which is providing a level playing field to exporters, with a cap of Rs 10 crore per exporter. The demand comes as inflation is increasing the cost of inputs and the freight rates are still high. The exports during the operation of IES between 2015-2024 grew at a CAGR of 6.6 % as against merchandise trade growth of 4.4%. India’s non -oil exports are still growing despite global challenges. Interest Equalisation Scheme has helped exporters to obtain orders giving very less profit , which could have been lost but for the interest equalization scheme, exporters said.
A tax deduction of 200% to 250% has been sought for research and development spending under section 35(2AB) of the Income Tax Act.as R&D is required for almost all sectors but is more crucial for the sunrise sectors which will be the new driver of exports
Ahmed said that exports has been flat despite geopolitical tensions which is quite significant when compared to other nations.
Saturday, January 11, 2025
Three international airlines reschedule timings due to Bhogi
CHENNAI:
International Airlines have rescheduled international flights to and from Chennai Airport from January 13 anticipating poor visibility due to Bhogi celebrations, according to Chennai Airport sources.
The arrival of Oman Air (WY0251) flight to Chennai has been delayed by three hours on January 13, January 14 and January 15 as the timing has been revised to 9.30am (usual time 6.300am) while the departure of yje flight (WY0252) has been rescheduled to 10.20am (usual departure time 7.30am).
Similarly, the timings of inbound and outbound Air Asia and Emirates flights have been rescheduled. The inbound Air Asia Berhad flight AK0011 from Kualalumpur which was to land in Chennai on 7.25am will now arrive at 9.35am while the departure of the flight AK010 which was scheduled at 8.05am is rescheduled to 10.15am. Similarly, Emirates flight EK0544 from Dubai which was to arrive at 8.15am has been rescheduled to 9.45am while the departure timing of flight EK0545 to Dubai (9.45am) has been rescheduled to 10.50am.
Last year, three international flights were diverted to Hyderabad due to poor visibility.
International Airlines have rescheduled international flights to and from Chennai Airport from January 13 anticipating poor visibility due to Bhogi celebrations, according to Chennai Airport sources.
The arrival of Oman Air (WY0251) flight to Chennai has been delayed by three hours on January 13, January 14 and January 15 as the timing has been revised to 9.30am (usual time 6.300am) while the departure of yje flight (WY0252) has been rescheduled to 10.20am (usual departure time 7.30am).
Similarly, the timings of inbound and outbound Air Asia and Emirates flights have been rescheduled. The inbound Air Asia Berhad flight AK0011 from Kualalumpur which was to land in Chennai on 7.25am will now arrive at 9.35am while the departure of the flight AK010 which was scheduled at 8.05am is rescheduled to 10.15am. Similarly, Emirates flight EK0544 from Dubai which was to arrive at 8.15am has been rescheduled to 9.45am while the departure timing of flight EK0545 to Dubai (9.45am) has been rescheduled to 10.50am.
Last year, three international flights were diverted to Hyderabad due to poor visibility.
--
Saturday, December 21, 2024
writingonblog uncensored: Reconsider 18% GST on FSI paid to local authoritie...
writingonblog uncensored: Reconsider 18% GST on FSI paid to local authoritie...: CHENNAI: The Confederation of Real Estate Developers' Associations of India (CREDAI) has urged the Union Finance minister Nirmala Sith...
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