19
Wednesday
June 2019
8:55 PM IST
News Headlines
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.


Sensex, Nifty turn cautious ahead of US Fed policy meet
Investors continue to dump Jet Airways shares; further tank 15%
With 'Libra,' Facebook takes on the world of cryptocurrency
Facebook to unveil new cryptocurrency
Sensex drops over 150 pts; Nifty below 11,800
India ad spend likely to be Rs 697 billion in 2019: Report
UK court rejects Nirav Modi''s bail for fourth time over fears he would abscond
Jet Airways shares plunge nearly 11 pc
Fiat Chrysler in talks with Aurora on autonomous vehicles
Facebook stops Huawei from pre-installing apps on phones
Rupee rises 31 paise to 69.39 vs USD in early trade
Bajaj Auto sales rise 3 pc in May to 4.19 lakh units
RBI policy, macro data key for markets in holiday-shortened week: Analysts
Six of top-10 firms add Rs 99,994 cr in m-cap; TCS leads
Mahindra sales 3 pc to 45,421 units in May
Toyota Kirloskar sales down 6% at 13,066 units in May
Sitharaman: India's first woman FM; looks to steer economy out of slowdown
Rupee sees high volatility post allocation of key portfolios
Sensex drops over 200 pts; Nifty below 11,900
G20 countries eye tax policy for internet giants: Nikkei
KERALA NEWS
Kerala CPM leader's son booked for rape, cheating
 Mumbai: A Kerala CPM leader's son has been booked on charges of rape and cheating following a compla  
Two workers killed in Kerala as earth caves in
Two workers killed in Kerala as earth caves in
Joseph terms Jose K Mani''s election unconstitutional, says ''crowd'' can''t elect chairman
INTERNATIONAL NEWS
UK PM candidates fight it out for second place with Boris Johnson
 London: Britain's six prime ministerial candidates face a crunch vote on Tuesday when ruling Conserv
UN calls for 'independent' probe into death of Egypt's Morsi
Trump says having 'extended meeting' with Xi at G20 summit
Hong Kong police clear streets as protesters move to park
NATIONAL NEWS
Over 2.4k HIV deaths in Maha in 11 months: Minister
 Mumbai: Maharashtra Health Minister Eknath Shinde Tuesday said over 2,400 people in the state have d
Maha govt to use Miyawaki system for urban forestation
KCR to skip party chiefs' meet convened by PM, deputes son
2 terrorists, 1 jawan killed in Anantnag encounter
Untitled Page
Rashtra Deepika LTD
Copyright @ 2019 , Rashtra Deepika Ltd.