Cut income tax, excise duties in next budget

New Delhi, Nov 22 (UNI) The government should slash corporate and income tax rates by 25 per cent from present 30 per cent and reduce duties on manufactured goods to 12 per cent from current 16 per cent in the 2008-09 budget, according to an industry body.

In a pre-budget wish-list presented to Revenue Secretary P V Bhide, the Federation of Indian Chambers of Commerce and Industry (FICCI) said dividend distribution tax and minimum alternative tax should be abolished in the next budget.

The Revenue Secretary urged to grant 'infrastructure' status to cold chain establishments and healthcare industry for the development of infrastructure and other vital industrial undertakings and for attracting investments in the healthcare sector.

The chamber made a plea to reduce excise duty on synthetic fibres, PP fibre and filament yarns along with their raw materials.

Ficci also stressed upon exemption from service tax on oil exploration and production activities.

The Chamber also suggested the centre to consider inclusion of natural gas in the list of 'declared' goods as provided under section 14 of Central Sales Tax Act.

UNI