Reduce excise duty to 12% - FICCI wish list

By Vijay Kumar

The Federation of Indian Chambers of Commerce and Industry (FICCI) in a wish list presented to Revenue Secretary PV Bhide has sought

1. slashing of corporate tax to 25 percent from 30 percent

2. Reduction of excise duty to 12%

3. Abolition of dividend distribution tax and minimum alternative tax

4. Exemption from service tax on oil exploration and production activities.

Does the FICCI really hope the government to concede to these demands? Instead of a 12% excise duty, the trade may get a 16% Service Tax!