Budget Expectations: FICCI seeks policy reforms rather than tax cuts

By FICCI

With Budget 2012-13 just a few days away, the wish list of industry chambers are out. But this time around, they are not pitching hard for tax cuts. Instead, they are placing emphasis on policy reforms in areas like infrastructure, allocation of natural resources, education and health. Apparently, the apex industry bodies are reconciled to the fact that rates of taxes- both direct and indirect- are already very moderate and there is little scope for further reduction.
Additionally, the two main tax reforms- through the Direct Taxes Code (DTC) and the goods and services tax (GST) - are on track to be implemented and the coming Budget shouldn