"There is the issue of excise valuation where goods are sold below cost, based on the recent judgment of the SC in the case of Fiat India. There are a number of genuine reasons where manufactures sell their goods at less than the cost for a specific period. Suitable guidelines to exclude such cases need to be issued," CII President Adi Godrej said at the post-Budget interaction. Ficci President Naina Lal Kidwai suggested to encourage investments by SMEs, the limit on investment allowance could be brought down to Rs 10 crore from the proposed Rs 100 crore. She said the period for which the allowance is available should be increased from 2 to 5 years, as projects need longer gestation period because of environmental clearances.
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