| Date: |
23-02-2015 |
| Subject: |
Relax excise, rein in Chinese imports: Cycle industry |
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LUDHIANA: The cycle industry has high expectations from this year's budget. Mostly, industry leaders are hoping for relaxation of excise and increase in import duties. President, United Cycle and Parts Manufacturers' Association Charanjeet Vishvakarma underlined the need for support to help improve the condition of the industry.
"We want removal of excise duty on cycles. Besides, we also want the government to provide separate cycle tracks on new highways being constructed and broadened," said Vishvakarma. According to him, there is a need to increase import duty on products from China and proper monitoring of products being imported through the South Asian Free Trade Agreement (SAFTA).
President, Federation of Industrial and Commercial Organization (FICO) Gurmeet Kular said association members discussed budget expectations during a meeting. "There is a demand for Technical Upgradation Funds scheme for the bicycle industry on the lines of the one for the hosiery and textile industry. This will help the industry keep pace with changing times and increase global market share," he said.
Industry leaders also want abolition of 2% Central excise on complete bicycle on the grounds that it is the "poor man's luxury vehicle." They feel abolition of excise will help reduce price by Rs 60.
Increase in Import duty on bicycle and parts, taking it to 50%
Calling of original bill of entry while calculating customs duty like done online in African countries
Raising exemption limit of Central excise from Rs 1.5 crore to Rs 3 crore
Introduction of Goods and Services Tax (GST) for a uniform tax policy all over the country
Increase in exemption of income tax for senior citizens to Rs 5 lakh
Increase in housing loan interest limit from Rs 1.50 lakh to Rs 3 lakh
Increase in service tax limit from Rs 10 lakh to Rs 20 lakh
Changes in Companies Act, 2013 to facilitate smooth working of private limited companies
Source : timesofindia.indiatimes.com
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