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: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd
« News Headlines »
 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
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Indian industry seeks corporate tax cut in budget
January, 10th 2008
India has to cut personal and corporate tax rates, and lower excise duty rates on manufacturing goods in the next budget to sustain high economic growth, industry representatives said on Tuesday.

In a pre-budget meeting with Finance Minister Palaniappan Chidambaram, industrialists also demanded removal of minimum alternate tax (MAT) and dividend distribution tax (DDT), and a cut in excise duty on most manufactured goods to 14 percent from the present 16 percent.

Federation of Indian Chamber of Commerce and Industry president and chairman of Wockhardt, Habil Khorakiwala, said corporate tax rate should be cut to encourage manufacturers.

"Reduce corporate tax to 25 percent, which along with surcharge and education cess will calculate at 28.33 percent," he said in a note to the finance minister.

Associated Chamber of Commerce and Industry president and Videocon Industries chairman, V.N. Dhoot, said the income tax rate should be cut to 25 percent from 30 percent for income above 500,000 rupees.

"The finance minister was jubilant over growth in direct tax collection and he said both revenue and fiscal deficit will be under control. I think this year income tax rate will be reduced," Dhoot told reporters after the meeting.

Larsen & Toubro chairman, A.M. Naik, said the government should remove MAT and DDT.

Anti-dumping duties on cheaper Chinese products should be imposed as domestic manufacturers were at a disadvantae after the rupee appreciation, he said.

Malvinder Singh of Ranbaxy Laboratories and Swati Piramal of Nicholas Piramal said companies involved in research should get tax incentives.

Industry bodies also asked the finance minister to introduce a goods and services tax from April 2010, and peg the rate at 20 percent.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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