SME Times is powered by   
Search News
Just in:   • Tiruppur powerloom weavers to begin indefinite strike from March 19 demanding wage hike  • Lok Sabha okays oilfield amendment bill to attract more investments  • Europe's major military powers reaffirm support for Ukraine  • Trump tariffs to drag down S. Korean economic growth, inflation: BOK  • India’s tea exports surge to 10-year high 
Last updated: 26 Sep, 2014  

FICCI.Thmb.jpg Reduce MAT to 25.6 percent: FICCI

Rupee.Resize.jpg
   Top Stories
» Lok Sabha okays oilfield amendment bill to attract more investments
» India’s tea exports surge to 10-year high
» SEBI reduces timeline to complete rights issues to 23 days, effective from April 7
» Digital payments surge with over 18,120 crore transactions in FY25
» Bank credit to priority sectors jumped 85 pc to Rs 42.7 lakh crore in last 6 years: FM Sitharaman
SME Times News Bureau | 08 Mar, 2010
A 3 percent hike in the Minimum Alternate Tax (MAT) in Budget 2011 over weighed the concessions in the corporate tax and the government should look at reducing the peak rate to 25.6 percent from over 30 percent now, said an Apex industry chamber on Sunday.

"They (the government) have reduced the surcharge (on corporate tax) but increased MAT. It is a disappointment for the industry," the Federation of Indian Chamber of Commerce and Industry (FICCI) President Rajan Mittal said.

The Budget proposals announced last month, raised MAT to 18 percent from 15 percent, and cut surcharge on corporate tax to 7.5 per cent from 10 per cent.

".....the figure is 25.6 per cent. India should start considering to look at the same tax rate over a period of time....It would be more in line with international standards," Mittal added.

The FICCI President also said the Budget could have hiked the FDI limit in the insurance sector to 49 percent from 26 percent at present and opened up the multi-brand retail sector.

The government could have also extended more tax benefits for investments in sectors like agriculture, food processing and cold chains, he added.

Industry expects a more liberalised regime and better growth in 2010-11, Mittal said. 
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter