Confederation of Industry (CII) Vice President has met Revenue Secretary P V Bhide to discuss suitable measures for the 2009/10 budget currently under preparation and due to be delivered in July. Newly re-elected Prime Minister Manmohan has not yet appointed a Finance Minister.
Top of the list of many industry delegates is the removal of Fringe Benefits Tax, and in this respect, the government's own Commerce Department has already proposed lifting it on exporters. The government was urged to speed up the streamlining of the tax system with the introduction of the Goods and Services Tax. A lifting of the surcharge on corporate income tax would also be welcomed by the CII.
Even after three recent stimulus packages, India's industrial output fell by 2.3% in March, the steepest fall in 14 years. The CII did not recommend another full blown stimulus package for industry but argued for maintaining the reduced indirect tax rate and increasing tax free threshholds on income tax so as not to depress consumption.
"One of the main focus areas has been that it should be an investment-led budget," Hari S Bhartia told reporters after the meeting. The reintroduction of infrastructure bonds and investment allowance was on the agenda.
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