FICCI moots cut in income tax, excise duties for Union Budget 2008-09
06 Feb 2008
New Delhi: In its pre-budget memorandum to revenue secretary PV Bhide, the Federation of Indian Chambers of Commerce and Industry (FICCI) has asked for the abolishing of the dividend distribution tax, and the minimum alternative tax in the budget for 2008-09.
According to FICCI, India should also look at cutting its corporate and income tax rates by 5 per cent, to 25 percent from the existing 30 percent. Additionally, it has also called for the duties on manufactured goods to be brought down to 12 per cent, from the existing 16 per cent.
FICCI has also suggested an exemption from service tax on activities such as oil exploration and production.