According to the findings of a total tax contribution (TTC) survey, the Federation of Indian Chambers of Commerce and Industry(FICCI) has demanded reduction in the corporate tax rate.
The TTC Survey 2008 has provided a comprehensive picture of the taxes borne and collected by 41 participating companies, out of the 100 companies constituting the S&P CNX Nifty and CNX Nifty junior indices as on April 30, 2008.
“The corporate tax rate has to be brought down. It is clearly evident from the results of the survey that the tax borne by the corporate sector is high. They are also discharging onerous responsibility of tax collections,” Dr Amit Mitra, Secretary General of FICCI, told a press conference here to announce the results of the survey.
FICCI had also made a case for reduction in corporate tax rate (to 28 per cent) at the interaction that captains of industry had with the Prime Minister, Dr Manmohan Singh, on Saturday.
The TTC survey, claimed to be the first of its kind in India, is a partnership effort between PricewaterhouseCoopers (PwC) and FICCI.
The total taxes borne and collected by the survey participants by March 31, 2008 was Rs 84,902 crore, which represented 9.7 per cent of the total government tax receipts.
