Chennai: Finance Minister Union Nirmala Sitharaman said on Monday that he would look into the barriers to the IT product sector which encouraged the SaaS India company to register outside India.
In interaction with industrial representatives from CII and FICCI, Sitharaman heard requests and feedback from various sectors.
As a hub for the Software-AS-A-Service (SaaS), Tamil Nadu technology businessmen stressed that IT products were arranged to lead to value creation by India, and urged the Minister of Finance to complete several obstacles for this.
The Kissflow software company founder Sam Sambandam told FM that with a chance of $ 1 trillion, the SAAS sector could play an important role in the government’s ambition to reach the $ 5 trillion economy.
But this country lost wealth creation because entrepreneurs preferred to register companies outside India because of various obstacles.
“Although there are changes in the business model, on the taxation, the software is still treated as a consulting service and TDS is being picked up basically a product and I ask the Minister of Finance to see it.
The inheritance system submit a ‘softex’ (software exports’ Soft) To assess the value of the software also needs to be done at a transparent price on the website, “he said.” The Minister of Finance accepted the problem filed and also asked us to send detailed records that he would look to, “added Samandam.
The cement industry, which Represented by Indian Cence MD N Srinivasan, seeking temporary fiscal assistance on coal imports and pet coke.
“Coal prices have passed the roof.
What is $ 70 per ton now $ 170-180 per ton.
There is an imports of Rs 400 per ton, and For Pet Coke is 11%.
Consider a steep increase, we have been looking for a reduction in levies, “he said.
Besides that, IT MMDR for minerals including limestone inhibits the addition of capacity in the cement sector.
“We do not have objections to MMDR actions, but that (retribution and rules) should not prevent the preparation of fresh cement capacity,” he said and looked for the invitation of the Minister of Finance for a pre-budget meeting for the South Indian cement industry.
It is based that representatives from the health care sector are looking for fiscal incentives for hospitals to be established in Tier-2 and Tier-3 cities.
Sitharaman said that the government’s planned plan was on track.
He also said that the development financing agencies announced in the budget will immediately operate, and liquidity is no longer a major concern.
The Bank-NbFC-MFI channel has been disabled and starting October 15 there will be a special encouragement to reach credit to those who need it, he said.
He also met with representatives of the Tamil Nadu Chamber of Commerce and Industry in Madurai and discussed their problems.
The main demand from industrialists is to clean up ambiguity in repairing a GST level for all items discussed under one chapter.
They also urge the tax exemption of essential food products, both branded or unlucky, to motivate all food manufacturers to go for branding and to ensure quality.