Take steps in Budget to boost investments, revive economy: CII
Quotes
 

 

HomeNewsBudget ImpactExclusiveTaxRail Budget Celeb Speak Eco Survey
 

Take steps in Budget to boost investments, revive economy: CII

Last Updated: Monday, January 14, 2013, 21:17
 
 Comment 0
 
New Delhi: Industry body CII has asked the government to take steps in the Budget to boost investments as economic growth has slowed.

In its pre-budget memorandum to the Ministry of Finance, CII has asked for measures that can help in revival of growth momentum of the economy at the earliest.

"The recent reform measures have, no doubt, rekindled business confidence but much more needs to be done to provide a fillip to the investment cycle in the present milieu of uncertain domestic and global economic environment," it said.

It has suggested various steps to restart the investment cycle and that includes allowing accelerated depreciation rate on plant and machinery from the present level of 15 percent to 25 percent for the next 3 to 5 years period.

At a time when new investments have reduced to nearly half of the last year level, raising depreciation rate will incentivise industry to make fresh investments, the report added.

It also asked for abolition of surcharge and cess from corporate tax and exempting infrastructure and SEZ companies from the levy of minimum alternate tax.

CII has also suggested reduction of Central Sales Tax rate from 2 percent to 1 percent.

It said that the industry body has resisted from asking for stimulus package involving reduction in excise and service tax rates in view of already high level of fiscal deficit.

PTI

First Published: Monday, January 14, 2013, 21:17

Comments


Post your Comments

Name
Place :
Email :  
Comments :  
 
Other Stories
MSME Sector

P Chidambaram proposed continuing non-tax benefits to these units for three years.

Full Article »

IT-BPO Sector

Clarity on tax issues related to R&D centres in IT soon.

Full Article »

Infrastructure

Big push to infra with Rs 50k cr tax-free bonds, two new ports.

Full Article »

Real Estate Sector

FM raised tax deduction limit by Rs 1 lakh for the first time home buyers.

Full Article »

Auto Sector

Excise duty on SUV will be raised to 30 percent from 27 percent.

Full Article »

More »

Latest Videos
Budget 2013: Tax slab remain unchanged Budget 2013: PM commends Chidambaram's budget Union Budget 2013: Chidambaram's Budget speech
Budget 2013: Tax slab remain unchanged Budget 2013: PM commends Chidambaram's budget Union Budget 2013: Chidambaram's Budget speech
rail budget
Rail Minister announced no hike in passenger fares.
know your fm
P Chidambaram- Man of all seasons.
Opinion Poll
How would you see Budget 2013 as?
Pragmatic
Populist
Non-event
 
 
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved