MUMBAI, May 16: The Indian Merchants' Chamber (IMC) has urged the union finance minister to offer incentives in the form of lower excise duties to industries to achieve a higher growth rate in production.In a pre-budget memorandum on indirect taxation which was submitted to the finance minister on Friday, the chamber has said that the honest tax payers should not only be encouraged to produce more but also to submit exact production figures to income-tax authorities.The chamber has also called for speedy enforcement of anti-dumping laws. The chamber cited the case of anti-dumping laws in the US and Europe, where action is taken within six weeks of a complaint filed by the domestic industries.The chamber asserted that industrial production will pick up if the government issued a notification reducing the excise duty on any additional quantity of production above the previous year's level.
