Govt planning to restructure tax regime, new policy for SMEs

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New Delhi, Oct 18  In order to boost local manufacturing and create jobs, government is planning to revamp the tax system for the small-scale sector, ship-building and special economic zones (SEZs).
 
According to a TOI report, the revenue department has asked the commerce department to come up with options related to SEZs, an issue that is being discussed for over a year but has seen no progress, a senior government officer told the media.
 
Further the report said that the finance ministry has made it clear that all tax related proposals -such as those related to restoration of minimum alternate tax and dividend distribution tax exemption -will only be taken up at the time of the Budget.
 
Further, discussions on a new policy for the small-scale sector, including a reworked tax regime, have also started with the cabinet secretariat stepping in on Friday to work out steps that will boost the sector.