Gov­ern­ment Sops

Cargo Talk - - Cargo News -

Un­der Sec­tion 35-AD of the In­come tax Act, de­duc­tion for ex­pen­di­ture in­curred on in­vest­ment is al­lowed if this in­vest­ment is wholly and ex­clu­sively for the pur­pose of set­ting up and op­er­at­ing a cold chain fa­cil­ity and set­ting up and op­er­at­ing ware­hous­ing fa­cil­ity for stor­age of agri­cul­tural pro­duce.

All goods re­lated to Food Pro­cess­ing, im­ported as part of the project, ir­re­spec­tive of their tar­iff clas­si­fi­ca­tion, would be en­ti­tled to uni­form as­sess­ment at con­ces­sional ba­sic cus­toms duty of five per cent.

Con­struc­tion, Erec­tion, Com­mis­sion­ing or in­stal­la­tion of orig­i­nal works per­tain­ing to post- har­vest stor­age in­fra­struc­ture for agri­cul­tural pro­duce in­clud­ing Cold stor­ages for such pur­poses are ex­empted from ser­vice tax.

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