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Industry pushes for lower corporate tax in pre-Budget meet with FM

Thursday, December 07, 2017

Union Minister for Finance and Corporate Affairs, Arun Jaitley chairing the 3rd meeting of Pre-Budget Consultative Committee with stakeholders groups from Industry and Trade in connection with the forthcoming Union Budget 2018-19, in New Delhi on Wednesday.

Corporate India yesterday sought lower tax and more incentives for investments while exporters called for quicker GST refunds at a meeting with Finance Minister Arun Jaitley in the run-up to the last full-year Budget of the NDA government before 2019 general elections.

The industry bodies suggested lowering the corporate tax to 18-25%, from up to 30% at present. The exporters, who are grappling with blockage of working capital, pressed for exemption from tax on export income or lower levies on forex earnings and faster clearance of GST refunds.

"The finance minister has promised 25% corporate tax rate long back and we expect that the finance minister will fulfil his promise in this Budget," Ficci President Pankaj Patel told PTI.

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