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Corporate tax could be cut on better GST collections: FICCI (Lead)
New Delhi, March 5 (IANS) The government on Tuesday said corporate tax rates can be cut to 25 per cent from 30 per cent if the goods and services tax (GST) collections improve, but wanted the firms to pass on the benefit of lower GST rates to the consumers.
“The Finance Minister has promised to look at the income tax rates for the corporate sector and lower them once the GST collections improve,” Sandip Somany, President, Federation of Indian Chambers of Commerce and Industry (FICCI), told reporters.
Somany, who led the FICCI delegation that met the Finance Minister on Tuesday, made a presentation to Arun Jaitley and other senior officials on the important sectors that the industry body believe should be the focus areas for the next government, as and when it comes to power.
Quoting Jaitley, Somany said the cut in corporate tax rates to 25 per cent from 30 per cent will be progressive. As GST collections go up, tax rates could be reduced. A rationalisation of the corporate tax rate will make the Indian corporate sector globally competitive, he said.
Jaitley said the government is committed to facilitate trade and industry to let the momentum of the growth continue, the Finance Ministry said in a statement.
Suggesting that the GST is now on track and is in the process of settling down, he asked industrialists to pass on the benefits of reductions in GST to the consumers at large.
Jaitley said the process of reforms with regard to direct and indirect taxes will continue to facilitate and expedite the process of ease of doing business.
He said the government’s thrust is to lower tax rate and widen tax base and keep the revenue collections moving up. He said indirect tax collections will further increase.
“The government is committed to keep this growth momentum high and inclusive to ensure that benefits of growth reach all sections of the society, especially the vulnerable and weaker sections,” the Finance Ministry statement said.
After presenting its report “Agenda for Growth and Shared Prosperity” to the Finance Minister, FICCI highlighted five areas — agriculture, MSMEs, external trade, digital economy, human capital and productivity — for the government in the next five years.
“We submitted FICCI’s agenda for growth and inclusiveness for the next government. The concept paper was prepared by FICCI. After the presentation, we discussed several subjects with the Finance Minister, including further growth, taxation, GST revenues, employment generation and social sector schemes,” Somany said.
While the industrialists are concerned about the liquidity crunch and the time it would take to resolve, Somany said the Reserve Bank of India (RBI) is likely to pump in more money to ease the situation, mainly for the non-banking financial companies (NBFCs).
“It depends on how much money the RBI puts into the market. The RBI Governor is responsive and is aware of the problems. I am sure he is doing his best to sort out the issues at the earliest,” Somany said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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