Industry wants lowering of MAT rate in 'big-bang' Budget

FM and his team hold pre-Budget consultations with key industry chambers

Industry bodies on Tuesday urged Finance Minister Arun Jaitley to lower the minimum alternate tax rate to 10 per cent and remove inverted duty structure, in the coming Budget, to boost the country’s manufacturing activity and give a fillip to the ‘Make in India’ programme.

In pre-Budget consultations with Jaitley and his team, the industry chambers — the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (Ficci) and the Associated Chambers of Commerce and Industry (Assocham) — said the next Budget should be a big-bang one.

They also pressed for a stable tax policy and expeditious implementation of the goods and services tax (GST). The government has already tabled the constitutional amendment Bill for implementation of GST in the Lok Sabha.

The industry representatives also sought clarity in the country’s foreign direct investment (FDI) policy across sectors, with better Centre-state relations, to improve business confidence.

Assocham President Rana Kapoor said Budget 2015 was poised to be a game-changer for reviving investment, economic growth and job creation, enabled by the next-generation reforms to fast-track India’s economic resurgence.

Assocham was confident the government would live up to the expectations and deliver a ‘big-bang Budget’ this year, Kapoor said.

Besides Kapoor, among others who interacted with Jaitley and his team were CII President Ajay Shriram, Ficci President Jyotsna Suri and Raymond Group Chairman Gautam Singhania.