AEPC has applauded the Indian government on reduction of the corporate tax to 25 per cent for companies with an annual turnover upto Rs 400 crore and proposed reduction in customs duty on wool fibres.
AEPC also welcomed the procedural simplifications proposed - like Interchangeability of PAN and Aadhaar, simplified single monthly return, fully automated GST refund module and the electronic invoice system. The industry hopes to witness a reduction in the compliance burden following these measures.
The industry today is faced with sever working capital shortage, due to long pending ROSL dues, difficulties in getting bank credits and GST refund blockages. AEPC hopes that the Rs. 70,000 crore proposed to be provided to PSBs will ease up the working capital credit flows. The industry is also waiting for the Rebate of State and Central Taxes and Levies (ROSCTL) scheme to be operationalised. We are hoping that the scheme gets enough funding for a smooth roll out and faster clearance of all past dues.
