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: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: due date for vat payment :: articles on VAT and GST in India :: cpt :: VAT Audit :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: form 3cd :: empanelment
« Service Tax »
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant

Assocham seeks excise duty and service tax cut to spur economy
December, 04th 2012

Industry body Assocham has demanded a cut in excise duty and service tax to 8% and increase in personal exemption limit to spur slowing economy.

In its pre-budget memorandum, the business chamber asked the government for measures to revive consumer demand and perk up investment. The finance ministry has set the ball rolling for the next budget and begun pre-budget discussions with industry bodies.

All the leading chambers including CII, Assocham and Ficci will have their pre-budget discussions with the finance ministry officials next week.

"In the current economic environment of falling GDP growth and recession in many parts of the global market, it is crucial that Budget addresses indirect tax issues currently facing industry and services sector," Assocham President R N Dhoot said.

He said the excise duty and service tax rates should be cut to 8%. The government had raised excise duty and service tax by 2% in the last budget to 12%.

"This move will give a very big boost to the Indian industry," he said.

The Indian economy grew by 5.3% in the July-September 2012-13, pulled down by poor performance of manufacturing and agriculture sectors.

Dhoot also sought reduction in corporate tax rate to 25% from 30%, and infrastructure status for special economic zones and industrial parks.

Asked if these demands were realistic on the back of high fiscal deficit, he said the tax base for goods and services has already expanded to generate high revenue.

"The government can selectively increase customs duty rates to neutralise the effect of lower tax rate of excise duty and service tax," he said on Monday.

Justifying the demand for tax reduction, Dhoot said at a time when the global economy is passing through tough times, industry is facing competitive disadvantages.

This was due to complex multi-layered indirect tax structure which is having an cascading effect on cost and prolonged tax litigation, it said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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