« Top Headlines » Open DEMAT Account in 24 hrs  MEF 2024-25 Now Open: Submit Your Multipurpose Empanelment Form at MEFICAI.org Before October 7  Best Tax Saving Investments for Senior Citizens in 2024  60 LPA Opening Manager - Business Finance  Didn't Receive the Income Tax Refund? This Might Be the Reason  Why we need a new Income-Tax Act  ITR 2024: No tax refund yet? Here's why it's delayed and how to check  ITR Filing: Income Tax Refund Not Received Yet? Here's What to Do Now  ITR Refunds for FY2023-24 (AY2024-25): Who will receive tax refunds quicker, filers of ITR-1, ITR-2 or ITR-3? «  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.