Proposals, demands & expectations from Union Budget (2015-16)- By Gurmeet Singh Kular

1)      TUF Scheme for Bicycle Industry: As trends of the global market is changing very fast and the industry has to keep themselves up-graded we request to give Technology Up gradation Fund(TUF) scheme for bicycle industry as like textile industry , so that we can up-grade our technology with changing time  and increase our market share in Global market.

2)      Abolish of 2% Central excise on complete bicycle: Bicycle being the “Poor man’s Luxury Vehicle” plays very important role in price. As complete bicycle attracts the central excise duty of 2% the price is increased by Rs. 60 on basic cycle which directly hits the poor man’s pocket .It is our humble submission that central excise on complete bicycle should be abolished to save the masses.  Moreover no refund of central excise duty is given where as central excise of   12.36% is been given on the raw material used the bicycle industry. Our industries are becoming un-competitive in International market and are losing valuable foreign exchange for the country. 

3)      Import Duty on Bicycle & Parts: As Ludhiana is the base of bicycle industry which requires main attention. This Industry gives employment to half a million people and also earn foreign exchange for the country being the second largest manufacturer of Bicycle & parts in the world. It is our humble request to increase the import duty on both bicycle & parts to 50%. Further Original Bill of entry should be called while calculating the customs duty as like done online in African countries (COMESA), so that government do not lose revenue due to under invoicing. 

4)      Raising Exemption Limit of Central Excise: Exemption limit of central excise at present is Rs.1.5 crore which is on the lower side keeping in mind the inflation. This limit should be raised to          Rs.3 crore.

5)      Introduction of GST: It is our humble request that Goods and service Tax (GST) should be        introduced on priority so that there is uniform tax policy all over the country.

6)      Exemption limit to Rs.3:50 lacs to non senior members

7)      Exemption of Rs.5 lacs to senior citizen

8)      Housing loan interest limit should be increased from present Rs.1.50 lacs to Rs.3 lacs

9)      Threshold limits of various sections of TDS should be increased keeping in view rising costs

10)   Increase in wealth tax limit to Rs.1 crore

11)   Increase in service tax limit from present Rs.10. lacs to Rs.20 lacs

12)   Changes in Companies Act, 2013 for facilitating smooth working of Private Limited Cos because there are harsh rules which are hurdles in the working of Industry.  

(The Author is President of Federation of industrial & Commercial Organisations, Ludhiana.)