Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: TDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

FICCI's budget wishlist: abolish FBT, reduce tax rates
November, 20th 2006

Trade and industry chamber FICCI today asked the Government to abolish fringe benefit tax, reduce corporate, personal tax rates and raise FDI caps in the insurance sector to enable the economy sustain high economic growth.

In its pre-budget submission to the Government, FICCI suggested that the Government should open up the pension sector to mobilise additional resources for infrastructure development.

Demanding removal of the controversial FBT, the chamber in its 15-point fiscal agenda said the levy, if could not be abolished, should be rationalised to keep genuine business expenses especially those incurred on sales promotion outside its purview.

Corporate tax rate should be brought down to 25 per cent, which would be in line with the rates prevailing in other Asian countries, the chamber said.

FICCI demanded that excise duty be reduced from 16 per cent to 14 per cent next fiscal and ultimately to two per cent. The reduction in excise duty with consequential lower incidence of state and local taxes would result in a 3-5 per cent reduction in prices, the chamber said.

This in turn, would increase the demand for manufactured goods leading to higher industrial growth and reduced inflation.

The reduction in peak customs tariff in the Budget 2006-07 to 12.5 per cent from 15 per cent is a step towards aligning tariff rates with ASEAN countries, the chamber said, adding that the move should be calibrated with internal reforms.

FICCI demanded that all services be brought under the tax net, barring basic and public utilities. However, considering the need to promote exploration and production in the oil sector, the Government should exempt it from service tax, it added.

It also called for abolishing dividend distribution tax or slashing it to 7.5 per cent.

All industrial undertakings should be granted 100 per cent tax holiday benefit for ten consecutive years at any time during the last 15 years, after the commencement of commercial production, the chamber said.

It said the Government should continue tax incentives to promote and encourage employment generation, savings, investment and infrastructure development.

The Government should come out with a mechanism to refund Cenvat Credit accumulated through the countervailing duty and excise duty so that the cost of capital is confined to bare minimum.

The chamber also suggested that the Centre should set up an empowered committee to finalise the structure of the proposed Goods and Services tax.

In order to improve competitiveness of trade and industry, FICCI asked the Government to expeditiously phase out Central Sales Tax, imposed on inter-state trade of goods.

The CST was scheduled to be reduced to two per cent from the current four per cent this fiscal, but continued disagreement between the Centre and States over a compensation package for states has led to its postponement to the next fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions