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Industry & Economy - Budget


Assocham wants CST phased out

Our Bureau

New Delhi , Dec. 22

IN its pre-Budget recommendation to the Government, the Associated Chambers of Commerce and Industry of India (Assocham) has advocated a five-pronged strategy including bringing transparency in direct and indirect taxation, making the system more accountable and phasing out CST for a common market framework in the country.

Seeking restructuring of CBEC and CBDT on the lines of banks and financial institution, the Assocham has asked the Union Finance Minister to bring down the current ceiling of the corporate tax to personal level tax.

The suggestions were conveyed to the Government when an Assocham delegation led by its President, Mr M.K. Sanghi, met the Revenue Secretary, Ms Vineeta Rai, to submit their pre-Budget memorandum, according to an Assocham statement here.

Mr Sanghi asked the Government to halve the import duty on all industrial inputs (raw materials and intermediaries) from the current 20 per cent and reduce the duty on final products for consumption from 20 per cent to 15 per cent.

This, he said, will bring down overall inflation as indigenous goods producers would adopt shadow pricing besides increasing export competitiveness.

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