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India Inc presents its wish-list for Budget 2005-06
Wednesday, January 12 2005 15:27 Hrs (IST) - World Time - 
New Delhi:
India Inc presented its wish-list to Finance Minister P Chidambaram.
Following are the highlights:
Reduction of Corporate Tax
Cut import duty on crude oil to boost energy sector
Targeting subsidies, particularly for LPG and kerosene
Time-frame for Goods & Services Tax
Accelerated depreciation allowance for R&D
Simple procedures and tax concession on M&As
Time-bound integration of all taxes such as octroi into VAT (Value-Added Tax)
Dividends received from overseas companies should be exempt
Widening tax base on Services
Inverted duty structure should be streamlined
Exporters should be refunded all the taxes paid by them
A Life Science policy on the lines of the IT policy
Infrastructure Development Board with public-private ties
Removing disincentives in Telecom sector and levy single tax
Removing mobile phones from 1X6 category
Link Agriculture sector to world markets by infrastructure facilities like transportation and cold chains
FDI (Foreign Direct Investment) in real estate and IT hardware sector
Downsizing of Government on a priority basis
Need to lower high transaction costs to boost export
Public private partnerships in Defence production
Appropriate vehicle retirement policy to reduce pollution
SSI (Small Scale Industry) with turnover of Rs 2 crore to pay excise duty
Excise exemption for branded SSI products
Suitable Service Tax exemptions on Tiny units.
PTI
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