Industry bodies seek biz-friendly tax regime

AS the finance ministry is gearing up for the next Union Budget, industry chambers like CII, ASSOCHAM, PHDCCI, FICCI called for a more predictable and business-friendly direct tax regime with more focus on faster dispute resolution and employment boost.

- PUSHPITA DEY @ New Delhi

Some of their common suggestions to the Revenue Department include lowering tax rates for small firms, reviving incentives for manufacturing and research, and cutting delays in tax administration. The industry bodies urged the government to restore the 15% corporate tax rate that was earlier available under Section 115BAB for new manufacturing companies.

The concessional rate, it said, would attract both domestic and foreign investors, boost job creation, and help India consolidate its position as a global manufacturing hub. "This will enable India to remain attractive for making fresh capital investment, provide boost to domestic economy and also encourage exports," suggested ASSOCHAM.