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The PHD Chamber of Commerce and Industry (PHDCCI) has urged the Finance Minister Arun Jaitley to cut the corporate tax rate from 30 per cent to 25 per cent at one go in the upcoming budget.
This was suggested by the PHDCCI President, Gopal Jiwarajka, to Jaitley at a meeting in North Block here.
"After demonetisation and the resulting negative sentiment, we are saying the Centre must expedite the corporate tax reduction and take it down to 25 per cent immediately," Jiwarajka told BusinessLine after the meeting.
A case was also made with the Finance Minister that the minimum alternate tax (MAT) rate should not exceed 12.5 per cent, he added. Currently, MAT rate is at little over 20 per cent.
At the meeting with Jaitley, PHDCCI top brass has also urged the Finance Minister to ensure that banks fund domestic acquisitions.
"What we are saying is there should be no discrimination. When banks can fund overseas acquisitions, why don't they fund domestic ones? ", Jiwarajka wondered.
On Goods and Services Tax (GST), the PHDCCI President exuded confidence that with this tax becoming reality by July 2017, the indirect taxation would be rationalised to a large extent. He however urged the Government that the GST peak rate should be moderated to the level of 20 per cent.
'Digi Gram'
Asked about the status of PHDCCI's Digi Gram -- a program for digital literacy to be rolled out with some banks, Jiwarajka said the modules are being finalised and would be rolled out very shortly.
"We will pick up an area and physically demonstrate and explain to people how digital transactions are done. We may first start this in Rajasthan", he added.
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