CHENNAI: The Union government’s extension of the duty entitlement pass book (DEPB) scheme to 2010 and of tax benefits under Section 10 (A) and 10 (B) of the Income Tax Act till 2011 as contained in the Foreign Trade Policy was welcomed by Indo-American Chamber of Commerce (IACC).
Hailing the new Foreign Trade Policy of Commerce Minister Anand Sharma’s promise to double India’s exports by 2014, the national president of IACC S K Jain said the government should put in place an attractive replacement to the DEPB scheme instead of extending it every year.
“This would give a long term perspective to Indian manufacturers and exporters, allowing them to plan their strategies to dovetail with the overall objectives of the government,” he said.
Similarly, the IACC president suggested that roll over of Sections 10 (A) and 10 (B) of the Income Tax Act, which powered the IT units and export-oriented units, should be extended to a minimum of five years to help attract more investments from India and abroad in these spheres.
He observed that changes in the Export Credit Guarentee Corporation (ECGC) scheme, value-addition norms, and steps for diversification of destinations
for Indian exports to regions like Africa, Latin America, CIS and Oceania were going in the right direction.
Source : expressbuzz.com