Assocham suggests tax simplification

It also said there is an urgent need to provide a formal clarification on the precise meaning of the terms ‘fraud’, ‘forgery’, ‘outright smuggling’, and ‘clandestine removal of excisable goods’ within the context of Authorized Economic Operator (AEO) certification

- PRESS TRUST OF INDIA

Industry body Assocham, Thursday proposed several recommendations, like tax simplification and rationalisation, for the forthcoming Union Budget to enhance ease of doing business and further boost investments in the country.

Representatives of the industry chamber met Revenue Secretary Arvind Shrivastava and submitted a pre-Budget memorandum, detailing suggestions for direct and indirect taxes.

The body suggested the restoration of the concessional tax rate of 15 per cent for new manufacturing companies (as under section 115BAB under the ITA for companies incorporated up to March 2024).