Budget Expectations - Fire & Safety Association of India

Hi,

 

Please find below budget expectations/recommendations on behalf of Fire & Safety Association of India (FSAI) by Mr. Pramoud Rao, National President, FSAI 

 

Quote

• Presently a peak rate of Custom Duty of 24.42% is applicable for most of the imports on hardware and software. Add to this Freight & Forwarding, Insurance & Other charges the total Import cost goes up to 30% on Ex-Works. The Government should zero down the Custom Duty on Security & Safety hardware & software or substantially reduce the same to the minimum rate of duty

 

• Presently, As per Income Tax, the depreciation rates for Plant and Machinery & Security Equipments is 15%, Computer is 60% and Software is 60%. These rates affect the Security Industries and become an additional burden in the tax structure. The Government should increase the depreciation rates to 50 – 70 % in order to encourage Security and Fire spending

 

• Currently there are no legislations for purchase and installation of security equipments There should be strong implementation of legislations specifically for Government Commercial and Retail Safety & Security installations and the same need to be monitored and rigorously implemented with deterrence like penalty and fines

 

• Currently there is no stimulus being provided to any organizations/ individuals for investments in Safety & Security equipments which can possibly save crores of rupees to the national exchequer in the form of insurance claims or damage to life and property. However we recommend100 % tax exemption for Corporates upto Rs. 10 lakhs and individuals upto 20,000/- for all security installations.

Unquote 

 

About FSAI

 

FSAI is a premier NGO representing companies in the field of Fire Protection, Safety & Security. Their primary purpose is promoting use of Life Safety Systems to advance the science and practice of life safety protection & system engineering, and its allied fields, besides fostering safety and security education in the country.

It is the voice of 350 companies comprising of suppliers, Contractors, Engineers and Experts in the field of Fire & Security. We have seven chapters across the country and all the leading companies in India – Honeywell, Seimens, GE, Bosch, Zicom, Nitin Fire, Eureka Forbes, Godrej, Reliance, Firepro, Micro Technologies, Allied Digital, Ingersoll Rand, Tyco etc are members of the association.

Also please find attached the Profile of Mr. Rao along with a picture of his.

 

--
Regards,
Sunayan Shahani
Associate Consultant
Hanmer MS&L Communications Pvt. Limited | Member of PUBLICIS GROUPE
M: +91 98331 72756