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Monday, July 23, 2018

Jaitley slaps tax on telecom imports

Finance minister Arun Jaitley on Thursday imposed a tax on imports telecom and IT products.

By: ENS Economic Bureau | New Delhi | Updated: July 11, 2014 1:45:27 am

In a move aimed at promoting domestic electronics manufacturing sector, finance minister Arun Jaitley on Thursday imposed a tax on imports telecom and IT products.

“To boost domestic production and reduce our dependence on imports I intend to take following steps. Impose basic customs duty (BCD) of 10 per cent on import of specified telecommunication products that are outside the purview of Information Technology Agreement,” Jaitley said in his speech.

He also announced the setting up of a National Industrial Corridor Authority (NICA) with an initial corpus of Rs 100 crore to coordinate the development of all the industrial corridors. To boost manufacturing, the government has proposed several corridors including the Amritsar Kolkata Industrial Corridor, Chennai-Bangalore Industrial Corridor, Bangalore Mumbai Economic Corridor and Vizag-Chennai corridor.

“A National Industrial Corridor Authority, with its headquarters in Pune, is being set up to coordinate the development of the industrial corridors, with smart cities linked to transport connectivity, which will be the cornerstone of the strategy to drive India’s growth in manufacturing and urbanisation,” Jaitley said.

He said the Amritsar Kolkata corridor master planning would be completed expeditiously for the establishment of industrial smart cities in seven states — Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand and West Bengal. Jaitley also said that Kakinada, its adjoining areas, and the port will be developed as a key driver of economic growth in the region with a special focus on hardware manufacturing.

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