FTCCI seeks customs duty waiver to boost mfg

Hyderabad: To boost local manufacturing in certain sectors, FTCCI (Federation of Telangana Chambers of Commerce and Industry), in its pre-Budget recommendation, has batted for exempting customs duty on imports of raw materials used for manufacturing lab-grown diamonds, bulk drugs used in insulin production, LED and LCD TV panel components, among others.

“In line with the ‘Aatmanirbhar Bharat’ initiative for boosting local manufacturing, FTCCI recommends removal of customs duty on certain imported components, such as bulk drugs used for insulin production, raw materials for lab-grown diamonds, plastic needed for optical fiber production, LED and LCD TV panel parts, and equipment used in coal mining and power generation,” an official FTCCI release mentioned. The apex body has also submitted various recommendations related to trade, Industry and tax relaxation for salaried employees. “Considering inflation in the cost of basic needs, FTCCI recommends reduction in tax rates by providing rebate of upto Rs9 lakh income to individual assesses, which is a long pending demand,” FTCCI said.

With respect to allowances and deductions, FTCCI has suggested considering house loan EMIs into HRA exemption, and increase in the limit of 80C and 80D deductions under Chapter VI A, considering the importance of Life and Health Insurances and an increase in its premiums.