Budget 2021-22: CII suggests road map towards competitive import tariffs

 


Industry body CII has suggested a graded road map towards competitive import tariffs over three years, with lowest or nil slab between zero to 2.5 per cent for raw materials, highest of 5 to 7.5 per cent for finished goods and 2.5 to 5 per cent for intermediates, as part of its pre-Budget recommendations to the government.

The Confederation of Indian Industry (CII) has proposed the road map to encourage domestic manufacturing in alignment with global trade trends that would boost India's export competitiveness as per shifting global value chains in the next three to five years.

"This will help Indian industry integrate into the global value chain while becoming competitive with its goods and services in the world markets," the industry body said.

Making a case for the need to boost to employment at higher levels, the CII suggested raising the cap on emoluments to Rs 50,000 per month to encourage employment in higher skilled jobs.

Section 80JJAA, provides for deduction of 30 per cent on emoluments paid to new employees, which can be claimed for three years. This is available up to Rs 25,000 per month.

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