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 :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT RATES :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: empanelment :: cpt :: form 3cd
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

Budget 2015: Lower corporate tax, higher spend on India Inc's wishlist
January, 08th 2015

India Inc has pitched for reduction in corporate tax rate, aggressive disinvestment of government stake in public sector units, higher personal income tax exemption limits and a massive increase in public expenditure to boost growth.

In customary pre-budget consultations with finance minister Arun Jaitley on Tuesday, industry honchos also flagged the issue of high interest rates and made out a strong case for monetary easing by the Reserve Bank of India ( RBI).

"There are enough indicators that the economy is on the cusp of recovery. CII is certain that a progressive and balanced budget would take the economy to the 7-8% growth trajectory in the near future," said CII president Ajay S Shriram after the meeting. This will be the first full budget of the new NDA government that is widely expected to lay down the economic agenda for the next four years, though it has said reforms will be kept outside the budget purview.

"We had a good discussion and raised several issues. One was that the rate of minimum alternate tax be restricted to 10% to provide a fillip to manufacturing," Shriram told reporters. The CII president suggested a six-pronged strategy for revival of growth. "We are certain the budget will chart out new ideas and initiatives to make the recovery process more robust," he said, adding that the CII suggested steps for boosting agriculture growth, creation of jobs and improving ease of doing business.

Budget 2015: Lower corporate tax, higher spend on India Inc's wishlist
Ficci president Jyotsna Suri called for efforts to move away from the aggressive revenues approach and instead provide "a genuine non-adversarial and conducive tax environment". She requested for rationalisation of tax regime, pointing out, "There is a revenue target for tax officers and (to meet this), they often use irrational demands and coercive methods. They should be judged on performance and not on achievement of targets."
Industry representatives also sought deferral of the General Anti-Avoidance Rule (GAAR) by two years to improve the business climate. For rationalising expenditure, CII suggested all subsidies be limited to only the below poverty households.

Assocham felt the public sector should be goaded into spending more to spur the investment cycle. The industry body's president, Rana Kapoor, said capital expenditure (without fiscal pressures) should be increased by channelising the large surplus of Rs 2 lakh crore-plus with mahanavratnas/navratnas into core sectors. "This should be done expeditiously for an economic multiplier and to generate new business for the infrastructure and adjacent sectors like engineering, capital goods," he suggested.

Exporters sought a resumption in interest subsidy benefits and exemption of all indirect taxes. FIEO President Rafeeq Ahmed said, "Availability of capital and cost of capital is of paramount importance. Banks are reluctant to provide credit to export sector. Bring exports under priority sector lending."

Raymond group chairman and managing director Gautam Singhania said, "The finance minister wanted to know what can be done for the investment climate. I think there is lot of sincerity and commitment to get things done in the budget....We discussed how to kickstart the economy, what can make India more competitive."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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