Telangana for hike in excise duty exemption limit for smallcos

Telangana today pitched for raising the excise duty exemption limit for small enterprises from Rs 1.5 crore to Rs 5 crore, while asking the Centre to simplify the procedures for IT&ITES exports as the existing rules were framed when they were tax exempt.
Speaking at the pre-budget meeting of state Finance Ministers with Union Finance Minister Arun Jaitley, Telangana Finance Minister Etela Rajendra said that the state welcomes the 'Make in India' intiative to revive the ailing manufacturing sector in the country.
"Taking into account the problems being faced by the small enterprises and their long standing request, the excise duty exemption limit may be raised from Rs 1.5 crore to Rs 5 crore," Rajendra said.

These enterprises contribute over 45 per cent of the industrial production in the country.
The Telangana Finance Minister also stated that the there is also need to simplify the procedures for IT&ITES as the existing STPI formalities were framed when they were tax exempt.
Raising the issues of Telangana, Rajendra also requested the Centre to consider setting up of National Investment and Manufacturing Zone in the state.
The Minister also demanded for setting up of horticulture university, integrated steel plant by SAIL in Khammam district, rail coach factory and imroving the road connectivity in the backward regions of the state.