India Inc on Friday urged the government to continue with fiscal stimulus by retaining excise and service tax at the current level, while keeping the corporate tax rate unchanged. It suggested that fiscal consolidation could be brought about by the government diluting its stake in state-run companies rather than increasing the industry's tax burden. Top Indian corporates raised these points during their meeting with finance minister Pranab Mukherjee as part of the customary pre-Budget meetings. Against the expectation of a full house, the meeting turned out to be damp squib with a slew of big corporate leaders giving it a slip. Speaking to media after the meeting, Ficci president RV Kanoria said central excise and service tax rate should be maintained at 10% and corporate tax at 30%. "We have talked about disinvestment and the government could evolve measures like privatising coal mines," he said.
Source: Financial Express
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