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Sunday, 15 May 2016

No taxes on defence companies

April 2015 March 2015 February 2015 January 2015 April 2013 « Chinese ploy to place India, Pakistan in same bracket despite Islamabad’s recordThe Modi government is following an old template of foreign policy » No taxes on defence companies Published May 15, 2016 SOURCE: freepressjournal.in The Government has waived both excise and customs duties on the Indian companies going into the defence production to let
them have an equal playing field with the foreign vendors who are exempted from the customs duty. The waiver came on the private companies complaining that the government companies engaged in defence production were already enjoying the exemption of excise and customs duties. The private companies will also be able to import material without paying any customs duty, the defence ministry sources said. Already 61 companies, including those by big players like Reliance, Tatas and Mahindra, have already been given licences for defence production. The government has also increased the FDI limit in defence up to 49 per cent, though it has not attracted many foreign companies to invest in India.

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