This has resulted in increasing the cost component for the airline industry. It also suggested that Minimum Alternate Tax (MAT), which is levied at 18.5 per cent, woven backing fabric to 10 per cent from 25 per cent and on CRGO Steel and steel mill rolls to nil from 5 per cent and 7.In Budget 2016-17, the government reduced corporate tax rate to 25 per cent for companies whose turnover was less than Rs 50 crore in financial year 2015-16.Such a step would make allowances more realistic and help in neutralising the impact of inflation for taxpayers."Government should consider decreasing the excise duty rates on ATF, in order to help aviation industry in India.With regard to personal taxation, Assocham recommended that all allowances and deductions-- medical/conveyance etc-- should be "indexed as per cost of inflation".

The full budget for 2019-20 would be presented on July 5. With regard to rationalising excise duty on ATF, the industry body said post implementation of Goods and Services Tax (GST), credit of excise duty paid on purchase of ATF is not eligible. Assocham Co Chairman Rakesh Nangia said the Government should give addition tax incentives to the electrical vehicles sector, by giving weighted deduction on the capital and R&D expenditure and leverage SEZ by extending sunset period beyond April 2020..After this, out of about 7 lakh companies filing returns, about 7,000 which file returns of income and whose turnover is above Rs 250 crore remain in 30 per cent slab.Assocham also demanded cut in customs duty rates on aluminium to 5 per cent from 7. It further said that Dividend Distribution Tax (DDT) at 20. This benefitted 96 per cent of the total companies filing tax returns.New Delhi: Industry chamber Assocham has demanded cut in effective corporate tax to 25 per cent, doing away with dividend distribution tax (DDT) and indexing of allowances and deductions under personal Income Tax with inflation.55 per cent is "burdensome" and suggested that it be replaced with Dividend Taxation.The government in 2015-16 Budget promised that the corporate tax rate would be gradually lowered to 25 per cent from 30 per cent over the next four years and exemptions available to companies would be phased out."The effective corporate tax on distributed profit is over 48 per cent.55 per China Wholesale Bag fabric Manufacturers cent, should be abolished and demanded that relaxation in norms for start-ups..In its pre-budget meeting with the Revenue Secretary last week, Assocham also demanded reduction of excise duty on Aviation Turbine Fuel (ATF), and a cut in customs duty rates on raw materials used in domestic manufacturing.5 per cent respectively.

Megosztás a facebookon