Auto parts sector says China `dumping` parts
New Delhi: Indian autoparts companies say duty concessions offered to auto components makers from China under the Bangkok Agreement from September 1 this year have led to 'dumping' by China.

In a detailed presentation on the impact of the free trade agreements made to Commerce Minister Kamal Nath last week, the industry pointed out that China joining the Bangkok Agreement had come as a shock since the industry was not consulted before tariff concessions were offered on 11 items, including air hoses, rubber mats for vehicles, toughened safety glass, laminated safety glass, spark plugs and catalytic converters.

Auto-component makers want the government to withdraw the tariff concessions immediately. The industry also wants inclusion of more auto component items in the negative list under the India-Thailand Free Trade Agreement.

The industry is facing a serious threat from Chinese firms exporting products at very unreal prices - almost 30 to 40 per cent lower than the Indian prices, the Auto Component Manufacturers Association said.

The industry has also expressed concern over increased imports from Thailand under the India-Thailand Free Trade Agreement.
Back to News Review index page  

Income tax collections rise to Rs81,000-cr in first half
New Delhi: Income tax collections comprising personal and corporate income tax stood at Rs 81,000 crore till September, accounting for 39 per cent of the budget estimate for the entire fiscal, a key Finance Ministry official said.

Service tax collections are growing by 30-40 per cent and customs duty mop up is growing at a good pace, while excise collection has grown marginally (0.2 per cent).

The Central Board of Excise and Customs is looking at excise norms and plans to change them like the re-jig happened in income tax, corporate tax and customs rules.
Back to News Review index page  

IT Dept to hire 10k workers to scrutinize returns
New Delhi: The Income Tax Department may seek Government approval for recruiting around 10,000 field workforce to scrutinize the date of growing number of assesses, annual information returns and duplicate PANs.

The additional staff is likely to cost around Rs200 crore to the Government exchequer.

The number of assesses is expected to touch 3.50 crore this year, up from 3.10 crore last year. The increased workload also comes from a rise in the number of information on high spenders, technically called annual information returns (AIRs).

The IT Department has received 18.84 lakh AIRs for 2005-06 about high spenders on seven broad areas, including cash deposits with banks exceeding Rs10 lakh in a year, credit card payments exceeding Rs2 lakh annually, investment in shares over Rs1 lakh and so on.

The work pressure is also more due to the department's drive to do away with duplicate PAN cards by December 31.
Back to News Review index page