India should not apply service tax on overflights by foreign airlines, extra baggage, global distribution systems and international tickets, world airlines body IATA said Tuesday, as it suggested smarter regulation to make it easier for the industry to do aviation business here.
Life Insurance Corporation, which has seen its market share steeply falling below the 70 per cent mark last fiscal for the first time, has set an ambitious target of selling as many as 3 crore new policies worth around Rs 31,000 crore this fiscal year.
A road map to eliminate all tax exemptions and incentives for corporates will be unveiled in the next 45 days as a prelude to lowering of corporate tax rate to 25 percent over a four-year period, Revenue Secretary Shaktikanta Das Wednesday said.
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