Port sector put forward its requests

The port sector of India has reportedly put forward its requests to the Finance Minister for incorporation in Budget 2011-12.


One of the key demands pertains to dredging, Exim News Service informs. There is apparently no levy of service tax on excavation on land, whereas excavation on sea (dredging) does entail payment of service tax, which is a huge outgo. The industry wants both to be at par in this respect.


Another important demand has to do with the proposed imposition of minimum alternate tax (MAT) on the port sector under the new Direct Taxes Code (DTC), which comes into effect the coming fiscal. The sector has sought exemption from this, according to sources.


The port sector has also submitted against changes proposed in Section 80-1A of the Income-Tax Act, which allows for certain deductions.


These and other requests were made as part of the submissions of industry chambers, it is learnt.
(Source:http://www.transportweekly.com)