« Top Headlines » Open DEMAT Account in 24 hrs  ITR 2026: How Taxpayers Earning 25 Lakh to 1 Crore Can Save Up to 1.5 Lakh Under the New Tax Regime  Old vs New Tax Regime 2026: Which Saves More Tax If You Earn 13 Lakh?   Presumptive Taxation in 2026 Rebate Losses & Deductions Practical Impact of the Income Tax Act 2025  Income Tax Penalties Explained (2026): What Happens If You Under-Report Income or Miss Your ITR Filing «  Shift in accounting policy led to lower grading: GIC... DCA-Plan panel turf war delaying Competition Policy road map... » IMC submits budget wish-list December, 27th 2006 The President, Indian Merchants Chamber (IMC), Mr Narayan Patel, in an pre-budget submission to the Union Government on Indirect Taxes, said, "the real issue is no longer India's high rate of growth, but whether the country could sustain that rate of growth. The Union Budget 2007-2008 must make the high growth trajectory more sustainable." It has been suggested the Government move faster towards fuller Capital Account Convertibility to counter inflationary risks and lower indirect taxes to international rates. The memorandum also favours replacing multiple taxes with a Goods and Service Tax, as this would increase the tax-GDP ratio by 2 per cent. The IMC memorandum wants the government to tax agricultural income.