Kolkata: Engineering export promotion body, EEPC India on Thursday said it sought restoring 150 percent deduction on expenses for development of foreign markets during a pre-budget meeting with the finance ministry.
EEPC India in a statement said it made a strong plea before Finance Minister Arun Jaitley that Section 35B of the Income Tax Act be reintroduced so that 150 percent weighted deduction on expenditure on development of export market be claimed to rejuvenate the export sector.
The body also suggested that credit link capital subsidy scheme should be revised up to 25 percent of capital subsidy and loan up to Rs 5 crore.
Currently, the present limit was 15 percent capital subsidy and loan up to Rs one crore.
In order to ensure timely payment of duty refunds, the government should introduce a direct delivery system which could be announced under the ensuing foreign trade policy, EEPC stated.
