FICCI Proposals on Budget 2007-08
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The Federation of Indian Chamber of Commerce and Industry has recommended for almost all the key areas in the upcoming budget 2007-08. The recommendation of the chamber relating to both direct taxes as well as indirect taxes is as follows:
- Reducing the corporate tax rates
- Rendering tax incentives for the promotion of saving and investment of the country
- Bringing all types of services under one tax nets
- Larger public sector investments on infrastructure development
- Restructuring both excise and custom duty structure
- Some changes in Fringe Benefit Taxes
- Special attention should be given on the development of world class infrastructure
- Granting 100 percent tax holidays for 10 consecutive years to all industrial undertakings.
- Providing cross subsidies to rail transport to be phased out
- Subsidized pricing on oil and electricity should be phased out.
