Budget 2013-14: Will Budget give Electronic Security sector tax holiday?
Budget 2013-14 must focus on ways to revive and stimulate the Indian economy, which is going through a tough time currently, and augment global investor confidence by creating a more favourable environment.
Zicom Electronic Security Systems
"Budget 2013-14 must focus on ways to revive and stimulate the Indian economy, which is going through a tough time currently, and augment global investor confidence by creating a more favourable environment. Given the many instances of security lapses and increasing incidents of horrific crime, a higher expenditure on internal security and judicial reforms is the need of the hour. Security is one of the key concerns of the common man, and therefore the government must support this sector and offer it tax holiday. The existing taxes are very high, due to which companies like us are not able to percolate down the value to the institutions and public at large."
"Today, Electronic Security is one of the fastest growing industries with a growth rate of 25 percent per annum. By giving tax holiday to this sector, the government will encourage more of manufacturing units in India which will boost our economy too. Moreover, clear codification and transparency of transfer pricing regulation should be there to ease the complexity in taxes and procedures. We expect the Budget to specifically focus on creating a robust framework and incentives to encourage setting up of modern security manufacturing units as 90 percent of the security products are imported nowadays. An 'entrepreneurship mission' can be adopted by the government, by way of which support and tax exemptions are given to small companies to ease business."