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Assocham moots tax on farm income
Our Bureau
Chennai
,
Dec. 29
THE Associated Chambers of Commerce and Industry (Assocham) has called for imposing tax on agricultural income.
"Not to tax a rich farmer is just not fair," Mr Mahendra K. Sanghi, President, Assocham, told a press conference here today. However, the small farmers should be protected, he said.
Mr Sanghi also wanted corporate taxes to be reduced further. He noted that everytime the corporate tax had been lowered, revenue collections had gone up.
Investment cycle is on an upswing, he observed, calling for investments in infrastructure development to capitalise on the favourable mood abroad on India.
Answering a question on merger of public sector banks, Mr Sanghi said that an expert committee of Assocham headed by Managing Director of the State Bank of India ("we are guided by him") was studying the issue, and the committee would soon take a view on the issue.
Mr Sanghi was optimistic about the introduction of VAT in April 2005. He observed that with the Centre's assurance that States' revenues would be protected, most of them were also keen on VAT.
The Assocham is holding a seminar on VAT on Thursday, which will be inaugurated by the Finance Minister, Mr P. Chidambaram.
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