The industry also wants government to focus on infrastructure, unveil measures to widen the tax base and lower personal income tax rates to boost consumption. “Since last year, the government has started reducing the corporate tax rate with a view to bring it down to 25% by 2020. The current corporate tax rate works out to be 30% plus cess and surcharge. CII also believes that with more economic activity entering the tax net post demonetisation, the government should lower corporate tax rate to 18% in the budget. from Income Tax Appellate Tribunal, so that the panel can make assessments or pass orders independent of the apprehensions regarding tax consequences.

Source: Mint January 29, 2017 15:09 UTC