Seeking a clear roadmap for reduction in corporate tax to 25 per cent, industry body Assocham today asked the government to remove the surcharge and cess which have pushed up the overall tax rate.
The chamber said the surcharge and education cess were originally introduced for a short period of time but are being continued from year to year.
"This has pushed up the overall tax rate sharply for the corporate sector to 34.6 per cent. The government (should) give a time schedule for withdrawal of the surcharge and education cess," it said in a statement.
A clear road map will enable businesses to evaluate availability of funds for capital investments, it said.
"It would also help in giving more funds to the corporate sector for investment and growth and also generate confidence and certainty," it added.
The chamber also said that the reduced tax rate of 25 per cent should also be made applicable for all companies and not only to manufacturing firms.
This move will provide a boost to start-ups and bring newly set-up manufacturing as well as non-manufacturing companies on an equal footing as far as tax rates are concerned, it said.
Referring to Mr. Teramoto's comment, Dr. Om S. Tyagi,
Senior Director at ASSOCHAM said, "It is an honour to host MAFF at ASSOCHAM. The forum saw the presence of many industry experts and we learnt a great deal on the merits of the ingredients and preparation techniques of Japanese food. We believe that the knowledge that the Indo-Japan Food Forum has been able to spread today will certainly contribute towards improving the health and eating habits of many Indians."
The forum saw the presence of distinguished chefs, government officials and members from known Japanese food processing companies. Also present at the event was Mr. Tejima, the Founder of Sushi Junction. He held a discussion where he spoke of his inspiration to enter the Indian market, the similarity and affinity between Japanese and Indian palates, and the growth of Sushi Junction here in India.
About the Forum:
In order to promote Japanese food and its favourable food preparation methods and techniques effectively in India, the MAFF of Japan hosted the Indo-Japan Food Forum in association with JETRO and ASSOCHAM on March 16th, 2017 from 3 pm to 6 pm at ASSOCHAM.
The theme of the forum was 'Food and Health' and its objective was to showcase the advantages of Japanese food and technology, and its benefits to health and beauty. At the forum, discussions and food-tasting sessions with Indian chefs also took place. They prepared Indian dishes by combining Japanese ingredients, developing healthy and refined Indo-Japanese cuisine.
The forum opened doors to several leading Japanese food processing companies, known for their
technology, to invest in India.
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