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The eBearing News
August 19, 2004
Indian State Considers
Bearing Business Zone
copyright © 2004 eBearing Inc.
The government of West Bengal, India, is considering a proposal, floated by the
Eastern India Ball Bearing Merchants Association, to establish a business zone
dedicated to the bearing industry. The proposed zone would be in or near Calcutta,
home to the vast majority of India's bearing-related businesses.
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State of West Bengal, India
courtesy mapsofindia.com
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EIBBMA's proposal was prompted by continuing, widespread complaints from bearing importers, exporters
and distributors, facing what they say are uneven and often uninformed dealings with government
agencies. Those various agencies, it says, are charged with enforcing a maze of trade, tax, import and
export laws, often improperly applying them, causing critical shipping delays and overcharges.
The calculation, assessment and payment of sales tax, particularly on interstate transactions,
has become especially problematic, said the EIBBMA.
Attending the EIBBMA's annual meeting, West Bengal Finance Minister, Asim Dasgupta, said, "The proposal
has its merits. We will discuss the issue of setting up a special zone near Calcutta as soon as possible."
Part of the inventory tax and valuation situation will be resolved, promised Mr. Dasgupta, when West Bengal
initiates a straight value-added tax (VAT) scheme in mid-2005.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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