A delegation representing Indian exporters called on Thursday for proposals put forward by the Kelkar tax committee, which will remove tax concessions provided to export firms, to be significantly watered down.
In a submission to the Indian Commerce Secretary, D Chatterjee, and the heads of the Central Board of Direct Taxes and the Central Board of Excise and Customs, bodies representing the exporters demanded that the tax exemptions provided for under Sections 10 A and B of the Income Tax Act - which were recently reduced to 90%, and are set to be phased out by 2010 - be restored to 100%.
The export bodies also asked that the phase-out should be allowed to run its course, rather than permitting the immediate removal of the tax concessions, as recommended by the Kelkar committee, to take place.
According to the Indian Economic Times, the delegation, which was led by Confederation of Export Units (CEU) President, R Veeramani, argued that unlike many other tax concessions, the exemptions provided for under Sections 10A and B are part of government policy, and should not be abruptly removed, as policies need to be stable in order to attract and retain investment.
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