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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