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: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: cpt :: articles on VAT and GST in India :: VAT RATES :: form 3cd :: due date for vat payment
 
 
« News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

India Inc lobbies for corp tax cut, finmin resists
December, 15th 2008
With hectic lobbying on for lowering corporate taxes as part of the forthcoming stimulus package, a section of finance ministry has strongly resisted any move even to tinker with current tax rates. There have been discussion in North Block whether there are any scopes for reducing the corporate taxes particularly after the government decided to take a hit of Rs 8,700 crore on indirect tax collection as a part of the recent fiscal package. SundayET made an attempt to find out whether the government would lower corporate taxes to boost the current sentiment. We have been saying very clearly that effective corporate tax rate in the country is less than 20%. Our direct tax loss because of SEZs (Special Economic Zones) alone is over Rs 50,000 for a period of four years. If the corporate sector is ready to do away with the existing exemptions, we will be happy to concede to a 25% flat rate, a senior CBDT official said. The government collected Rs 1,90,000 crore as corporate tax in FY08, and is expecting a much higher number this year. In India, corporate tax including surcharges and education taxes varies from 33% for domestic companies to over 42% for foreign firms whereas it is between 17 to 20% in Hong Kong and Singapore. Secretary general of industry body Ficci Amit Mitra said that the government should use tax as an instrument to stimulate the economy. The government has already done that in case of indirect taxes by the way of radically reducing Cenvat by 4%. It should now be coupled with direct tax cut to the level of 25%. If the government wants to arrest the downturn, multi-instrumental initiatives need to be adopted. The recent IIP (Index of Industrial Production) numbers have indicated how grave the situation has been, the secretary general said. Sources have, however, told SundayET that the biggest challenge for the government is that it will need to change the I-T act in Parliament even if it marginally lowers the corporate tax rate. A secretary in the committee of secretaries (CoS) looking into the financial turmoil on a fairly regular basis, told SundayET that the recent package was a part of the governments three-pronged strategy to deal with the crisis. Firstly, the RBI is easing the liquidity situation where the policy space is still quite large. Secondly, there would be sops for creating demands. And thirdly, there would be tax sops to boost the economy, he said.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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