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The Associated Chambers of Commerce and Industry of India (Assocham) has asked for the scrapping of minimum alternate tax (MAT), stating that it has become redundant and regular increases in its rate is hampering the growth of industry.
In a post Budget wish list, the chamber called for exempting developers of special economic zones and units located inside them from paying MAT till 2020 to restore investor confidence.
“The removal of this incentive coupled with imposition of MAT will be viewed by many as a big disincentive to invest in SEZs,” said its President, Mr Dilip Modi, in post-Budget suggestions to the Government.
The Budget hiked MAT rate by half per cent to 18.5 from April 1. Mr Modi said that November 30 should be the new date of filing returns for corporate assesses having international transactions to be made applicable to both corporates and non-corporates.
The Assocham also called for deferring service tax on hotels and restaurants till the goods and services tax (GST) is introduced to boost the tourism sector. It also recommended withdrawal of the proposed service tax on medical and hospital services.
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