CII asks for simpler tax structure

The Confederation of Indian Industry has emphasised on the need for simplification of direct tax structure and asked for more incentives for technology development.

New Delhi January 1 | January 2, 2007 12:00 AM IST

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The Confederation of Indian Industry CII has emphasised on the need for simplification of direct tax structure and asked for more incentives for technology development. The chamber suggested that there should be one rate of corporate tax rather than many cess and surcharges.

CII has advocated for reduction of tax burden on corporates. At present corporates pay cess and surcharges besides direct taxes, which increases administrative cost. Apart from this the government should give incentives to encourage investments in infrastructure. India needs 330 billion investment in infrastructure over next five years for maintaining the grow rate of 8 per cent.