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Seminar on implications of customs & service tax for IT sector
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Highlighting the export performance of Karnataka at a Seminar organized by FIEO at Bangalore on 21st February 2007, Mr. M Balagangadharn, Regional Jt. DGFT, Bangalore has said that during the year 2005-06 export from the State of Karnataka was valued at Rs. 82,000 crore and it was on way to cross the Rs.1,00,000 crore mark by the end of the current financial year. As almost 50% of the export revenue earned by Karnataka is contributed by information technology related services, concentrated efforts are being made by various departments of the Central and State Governments to ensure that the growth momentum of the IT sector continues, Mr. Balagangadharan added while inaugurating the Seminar.
The one-day seminar organized by the Karnataka Chapter of FIEO in association with Institute of Business Laws and HSBC focused on the implications of custom duty and service tax for information technology sector that have undergone drastic changes in recent past. More than 70 Information Technology and STPI units participated in the Seminar.
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Mr. Vaibhav Gupata, Head, SME, HSBC in his welcome address stressed the need for promoting SMEs in the information technology sector and said that HSBC had come up with several innovative products to handle the finance portfolios so that SMEs could reduce the manpower costs for handling accounts related activities. Mr. G Shivadas and Mr. B. Anil Kumar, Senior Advocates representing M/s. Lakshmi Kumaran & Sridharan made a presentation on customs and service tax related issues of the information technology sector. The presentation covered subjects such as customs valuation, customs and service tax related to maintenance and repair of software, design engineering; outsourcing, export and import of services, credit of service tax, provisions relating to STP etc. |
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A view of the participants. |
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FIEO offers legal advices FIEO Karnataka Chapter offers advisory services to its members from service industry on Customs and Service Tax related issues. Members can contact FIEO Karnataka Chapter through E-mail: fieoblr@dataone.in; fieoblr@vsnl.net and seek legal advices on matters relating to Customs and Service tax aspects of Service Sector. Members’ queries will be entertained by a panel of legal experts. |
