The industry also wants the 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 per cent by 2020. The current corporate tax rate works out to be 30 per cent plus cess and surcharge. Industry body CII also believes that with more economic activity entering the tax net post demonetisation, government should lower corporate tax rate to 18 per cent 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: Times of India January 29, 2017 05:26 UTC