The Hindu : FICCI welcomes Kelkar recommendations

Online edition of India's National Newspaper
Saturday, Dec 28, 2002

National

National

FICCI welcomes Kelkar recommendations

By Our Special Correspondent

NEW DELHI Dec. 27. The Federation of Indian Chambers of Commerce and Industry and other forums representing trade and industry have generally welcomed the changes suggested by the Kelkar panel.

Hailing as "positive" the recommendations relating to the reduction of income tax, corporate tax and doing away with dividend distribution tax, the FICCI said that the removal of long-term capital gains on shares of listed companies was another welcome suggestion.

Observing that complete automation as well as IT in the Customs and Excise departments would facilitate transparency and efficiency, the FICCI felt that the reduction of peak customs duty should come along with the removal of disabilities facing the industry.

The FICCI would initiate the process of detailed examination and an in-depth discussion over the various suggestions of the panel both on direct and indirect taxes and put forward the views of the trade and industry to the authorities for further consideration. Nasscom reiterated its demand for the retention of tax incentives.

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