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Concern over taxing of profits under DEPB
By Our Special Correspondent
NEW DELHI,
OCT. 14.
Exporters today expressed "deep concern" over the decision to levy tax on profits from sales under DEPB (duty entitlement pass book) scheme in the last five years and urged the Government to treat the scheme on a par with other export benefits.
The President of the Federation of Indian Export Organisations (FIEO), M. Rafeeque Ahmed, pointed out that the DEPB scheme was on the same lines as other duty neutralisation schemes such as duty drawback and import licences and should therefore be treated on the same lines as these ones.
He told reporters that the tax authorities were now opening five-year-old cases to recover these funds and this would adversely affect large numbers of small exporters.
He said panic had spread in the exporting community as several exporters have been served recovery notices along with property attachment notices.
Mr. Ahmed said the organisation would soon be meeting the Finance Minister, P. Chidambaram, to take up this issue along with the chairmen of all the export promotion councils.
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