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Non-grid power companies put a list of demands
Dec 01:
The time for submission of pre-budget list of demands have begun
The following demands have been put up to the finance ministry on behalf of the power user sector:
8CENVAT credit be given on clean energy cess. There is a also a demand to withdraw excise duty on fly ash.
8A demand has gone out from the caustic soda industry for full exemption from customs duty on imported equipment used to set up captive power plants in India.
8Group tax filing by companies with multiple SPVs for renewable energy
8Eligibility period for generation of power for claiming tax holiday be extended from 31 March 2017 to say 31 March 2020, especially given the coal shortage and other problem being faced by the sector.
8The relevant provisions of Section 9 of the Income Tax Act, in force since 1976, have been interpreted by the Supreme Court in India requiring the taxpayer to also satisfy the condition of ‘rendering of service in India’ for being taxable in India. This provision should now apply prospectively. Alternatively, a provision be inserted to clarify that past transactions would not be re-opened or contested by the tax officers on the strength of this provision.
8A clear provision has been sought for getting cash refund of accumulated CENVAT under Deemed Export Project under International Competitive Bidding. It is suggested that deemed exports should also get the same status as physical exports for getting cash refund under Rule-5 of CENVAT Credit Rules.
8It is suggested that the definition of the term Capital Goods should be amended to include Capital Goods used outside factory and used in relation to manufacturing of final products or for handling & transportation of raw materials, such as coal or fly ash, as well as intermediate products and final products.
Click on Reports for more
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The following demands have been put up to the finance ministry on behalf of the power user sector:
8CENVAT credit be given on clean energy cess. There is a also a demand to withdraw excise duty on fly ash.
8A demand has gone out from the caustic soda industry for full exemption from customs duty on imported equipment used to set up captive power plants in India.
8Group tax filing by companies with multiple SPVs for renewable energy
8Eligibility period for generation of power for claiming tax holiday be extended from 31 March 2017 to say 31 March 2020, especially given the coal shortage and other problem being faced by the sector.
8The relevant provisions of Section 9 of the Income Tax Act, in force since 1976, have been interpreted by the Supreme Court in India requiring the taxpayer to also satisfy the condition of ‘rendering of service in India’ for being taxable in India. This provision should now apply prospectively. Alternatively, a provision be inserted to clarify that past transactions would not be re-opened or contested by the tax officers on the strength of this provision.
8A clear provision has been sought for getting cash refund of accumulated CENVAT under Deemed Export Project under International Competitive Bidding. It is suggested that deemed exports should also get the same status as physical exports for getting cash refund under Rule-5 of CENVAT Credit Rules.
8It is suggested that the definition of the term Capital Goods should be amended to include Capital Goods used outside factory and used in relation to manufacturing of final products or for handling & transportation of raw materials, such as coal or fly ash, as well as intermediate products and final products.
Click on Reports for more
