Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: cpt :: empanelment :: TDS :: VAT Audit :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
News Headlines »
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest

India Inc demands lower tax burden
November, 28th 2006

Simplification and rationalisation of tax laws and reduction in tax burden on the manufacturing sector are amongst the main demands that India Inc put forward at a pre-Budget meeting between the Federation of the Indian Chambers of Commerce and Industry (Ficci) and revenue secretary KM Chandrasekhar here on Monday.

Amongst the key tax proposals of the industry body is a steady reduction in the 10% surcharge on corporate tax and bringing down the corporate tax from the current 40% to 25% gradually. The proposals are in line with the rates prevailing in other Asian companies and, Ficci feels the initiatives will help the countrys manufacturing sector globally competitive.
Ficci has also asked for exemption of all legitimate business expenses, especially those on sales promotion, to be put outside the ambit of the fringe benefit tax (FBT). Exemption of such expenses from FBT is something which all industries have been asking since FBT was introduced as they are of the opinion that it is not a very valid tax.

High on the list of proposals by Ficci is also finalising the structure of the goods and services tax and a implementation road map. It has also asked that national level value-added tax be levied and central sales tax be phased out next fiscal.

Ficci has also proposed further reduction in indirect taxes, as they amount to over 35% of the final price of the product. It has asked for bringing down excise duty to 12% from the current 14%. It has also proposed reduction in peak customs tariff from 15% to 12.5%. This would help in aligning tariff rates with that of Asean countries.

Service tax collections has witnessed a 61% growth till september this year, amounting to Rs 13,356.86 crore. In view of the phenomenal increase in service tax collection, the industry body has proposed a separate and comprehensive legislation. It has also asked that the clinical trial industry be put out of its ambit as it is in a nascent stage.

Another item on the chambers wishlist is improved quality of tax services as well as better e-filing of returns on the new Form No 1 for income tax and FBT.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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