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2010-01-07

ASSOCHAM’s request to reduce income tax for SMEs by 10 per cent

The Associated Chamber of Commerce and Industry (ASSOCHAM) urged the government to reduce income-tax for small and medium enterprises (SMEs) by 10 percent in the coming budget. This happened at a pre-

The Associated Chamber of Commerce and Industry (ASSOCHAM) urged the government to reduce income-tax for small and medium enterprises (SMEs) by 10 percent in the coming budget. This happened at a pre-budget presentation with the finance minister.

 

During the presentation, the ASSOCHAM said that income tax for SMEs should be reduced to 20 percent and the corporate tax should be curtailed at 25 percent. The present income tax rate for SMEs is 30 per cent.

 

Demands were also made to extend service tax to all services except those in negative list. Integration of excise and service tax into Central GST from April 2010 was also demanded.

 

Considering the industry is trying to come out of the recession, the ASSOCHAM also requested not to withdraw the stimulus package suddenly instead should be phased out gradually.

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