24
Saturday
August 2019
6:13 AM IST
News Headlines
I find nets claustrophobic, prefer centre wicket for match simulation: Kohli        Rahane's 81 only saving grace in India 203 for 6 on day 1        No more dessert names, Google to officially call new OS 'Android 10'        Sensex, Nifty rebound on hopes of FPI tax rollback        Despite tensions, Pak stands ready to open Kartarpur Corridor: Qureshi        Two Govt hospitals in Pak deny specialised ambulance facility to Sharif        UN, France raise concern over Amazon wildfires 'crisis'        INX Media: SC grants interim protection to Chidambaram in ED case; no relief in CBI matter        Always said demonising Modi wrong: Singhvi        Alert in Tamil Nadu after intel of Lashkar terrorists' intrusion        FM proposes measures to enhance fund flows for infra, housing projs        FATF Asia-Pacific Group puts Pakistan in terror 'blacklist': Officials        Vivek Oberoi to star in film on Balakot air strikes        It's better to get hit early and hard: Kohli on bouncers        Messi 'made me better player', says Ronaldo        Nirav Modi to appear via videolink for remand hearing in UK        Rupee slips 17 paise to 71.72 vs USD in early trade        US seeking balancing act in South Asia over Kashmir: Report        Pro-growth RBI minutes to cap yields; revives expectations for further policy easing        N Korea dismisses nuclear talks if US 'hostile military moves' continue        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Bring down corporate tax to 18 pc sans exemptions: CII
 
New Delhi, Jun 11 (PTI) Industry body CII has made a case for bringing down the corporate tax rate to 18 per cent along with elimination of all exemptions saying it will not result in any loss to the exchequer.

The Modi 1.0 government had proposed to bring down the corporate tax rate from 30 per cent to 25 per cent gradually. The government has already reduced it to 25 per cent for companies having turnover of less than Rs 250 crore.

"We are supporting a reduction in taxes along with reduction in exemptions and a very simplified tax code.

"Our numbers show that 18 per cent corporate tax along with zero exemptions could be revenue neutral. We would prefer to go in that kind of direction," CII President Vikram Kirloskar told PTI in an interview.

Finance Minister Nirmala Sitharaman, who is holding pre-Budget consultations with different stakeholders, including industry, will be presenting the first Budget of Modi 2.0 government on July 5.

Kirloskar also suggested that the government should take measures to spur investment and growth, which slowed to five-year low of 6.8 per cent in 2018-19.

"If equity cost is high, people will not invest. Right now equity is taxed at dividend level as well as capital gains tax level. You certainly cannot grow an economy only on debt. So we need to have equity getting into investment and hard assets being built up," he said.

To push investment, he further said the government should address issues concerning land reforms and labour laws.

The newly-elected president of the industry chamber also exuded confidence that with strong government in place, the country is poised to achieve 7 per cent plus economic growth.

"We are confident that by the end of the year, by the third or fourth quarter, we will recover back to 7 per cent plus," he said while adding that the last few months were tough for the economy.

When asked about the high unemployment rate as per the government data, Kirloskar said he was "not so comfortable" with the NSSO data.

"I am not so comfortable with the NSSO data...we are doing our numbers (based on industry survey). I think the NSSO data is based on households. It is showing big differences," he said.

The recent NSSO data showed that unemployment at 6.1 per cent of total labour force during 2017-18 was the highest in 45 years.

On withdrawal of Generalised System of Preference (GSP) by the US on imports from India, Kirloskar said the move would hurt a small part of the country's trade.

"Looks like GSP is going to hurt some people, not only here but also on the importing side. Some people may say it is a very small part of the trade but if a few individuals are going to be affected we have to take care of them," he said.

The CII president expressed hope that the automobile sector sales, which is down due to several reasons, would revive in the months to come.


No more dessert names, Google to officially call new OS 'Android 10'
Sensex, Nifty rebound on hopes of FPI tax rollback
Nirav Modi to appear via videolink for remand hearing in UK
Rupee slips 17 paise to 71.72 vs USD in early trade
SBI plans to establish nearly 10 lakh YONO Cash Points
Sensex tumbles 268 pts; Tata Motors tanks 9 pc
Huawei dismisses new suspension of 'unjust' US ban
Rupee hits fresh 6-mth low of 71.71; dives 28 paise
China lost 20 lakhs jobs in short period of time: Trump
Rupee plunges to over 6-mth low of 71.43; skids 29 paise
Ready to help J&K hold investment summit in Mumbai: Fadnavis
Credit demand subdued, economy needs stimulus: SBI Chairman
Trump says Apple will spend 'vast sums' in US
Coffee Day Enterprises says debt to fall to Rs 1,000 cr post sale of Bengaluru tech park
Sensex, Nifty edge higher on stimulus talks; post weekly loss
Over 3,000 temporary jobs cut due to slowdown: Maruti Suzuki
Airtel shareholders approve waiver in recovery of excess pay to Mittal
Rupee slips 12 paise to 70.93 vs USD in early trade
Gaana looking to break-even in next 4-5 years
Rupee suffers biggest slump in 6 yrs; closes at 4-mth low of 70.73 on yuan shock
KERALA NEWS
Malayalam actor, film crew stranded in Himachal village
 Thiruvananthapuram: A 30-member film crew from Kerala, including award-winning actress Manju Warrier  
Ex-Deputy Commandant of AR camp held in connection with constable's death
"More flights to Kerala from Gulf countries during Onam"
Flood in Kerala: CM conducts aerial survey
INTERNATIONAL NEWS
Despite tensions, Pak stands ready to open Kartarpur Corridor: Qureshi
 Islamabad: Pakistan on Friday said that despite tensions with India, it stands ready to open the Kar
Two Govt hospitals in Pak deny specialised ambulance facility to Sharif
UN, France raise concern over Amazon wildfires 'crisis'
US seeking balancing act in South Asia over Kashmir: Report
NATIONAL NEWS
INX Media: SC grants interim protection to Chidambaram in ED case; no relief in CBI matter
 New Delhi: Congress leader and former union finance minister P Chidambaram was on Friday granted pro
Always said demonising Modi wrong: Singhvi
Alert in Tamil Nadu after intel of Lashkar terrorists' intrusion
FATF Asia-Pacific Group puts Pakistan in terror 'blacklist': Officials
Untitled Page
Rashtra Deepika LTD
Copyright @ 2019 , Rashtra Deepika Ltd.