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The Confederation of Indian Industry (CII) on Tuesday recommended Ministry of Finance to cut down corporate tax to 18% in the upcoming Annual Budget in 2017. 
CII in a tweet said, "Proposed 18% Corporate tax including all surcharges and cesses and withdrawal of all tax incentives and no grandfathering."
<blockquote data-lang="en">CII Recommendation on Corporate Tax Rate <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://t.co/6FL4TjeBHv">pic.twitter.com/6FL4TjeBHv</a>
— CII (@FollowCII) <a href="https://twitter.com/FollowCII/status/813634465494867968">December 27, 2016</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script>Currently, average corporate tax rate for the industry sector in the country is around 22-23% as against other Asian countries, where the maximum tax rate for companies is 16-25%. 
According to a The Hindu report, which quoted CII document that was submited to the Ministry, the industry body has recommended that the Budget 2017 should introduce a new  personal income tax structure. As per the its recommendation, the new tax structure should be as follows: Income up to Rs 3 lakh a year would be exempt from income tax. Person earning between Rs 3 lakh to Rs 10 lakh a year will be liable for 10% tax. Income between Rs 10 lakh to Rs 20 lakh will be taxed at  20% and the income of above Rs 20 lakh a year will attract a tax of 30%.
The industry body also recommended that the excise duty in India should be kept at 12.5% until the Goods and Service Tax (GST) is implemented, the report said quoting the CII document.

The Confederation of Indian Industry (CII) on Tuesday recommended Ministry of Finance to cut down corporate tax to 18% in the upcoming Annual Budget in 2017. CII in a tweet said, "Proposed 18% Corporate tax including all surcharges and cesses and withdrawal of all tax incentives and no grandfathering."CII Recommendation on Corporate Tax Rate #Budget2017 pic.twitter.com/6FL4TjeBHv— CII (@FollowCII) December 27, 2016Currently, average corporate tax rate for the industry sector in the country is around 22-23% as against other Asian countries, where the maximum tax rate for companies is 16-25%. According to a The Hindu report, which quoted CII document that was submited to the Ministry, the industry body has recommended that the Budget 2017 should introduce a new  personal income tax structure. As per the its recommendation, the new tax structure should be as follows: Income up to Rs 3 lakh a year would be exempt from income tax. Person earning between Rs 3 lakh to Rs 10 lakh a year will be liable for 10% tax. Income between Rs 10 lakh to Rs 20 lakh will be taxed at  20% and the income of above Rs 20 lakh a year will attract a tax of 30%.The industry body also recommended that the excise duty in India should be kept at 12.5% until the Goods and Service Tax (GST) is implemented, the report said quoting the CII document. 

Currently, average corporate tax rate for the industry sector in the country is around 22-23%.

Budget 2017: CII recommends lower corporate tax

news-budget-2017-cii-recommends-lower-corporate-tax-9768

The Confederation of Indian Industry (CII) on Tuesday recommended Ministry of Finance to cut down corporate tax to 18% in the upcoming Annual Budget in 2017.  CII in a tweet said, Proposed 18% Corporate tax including all surcharges and cesses and withdrawal of all tax incentives and no grandfathering. CII Recommendation on Corporate Tax Rate #Budget2017 pic.twitter.com/6FL4TjeBHv — CII (@FollowCII) December 27, 2016 Currently, average corporate tax rate for the industry sector in the country is around 22-23% as against other Asian countries, where the maximum tax rate for companies is 16-25%.  According to a The Hindu report, which quoted CII document that was submited to the Ministry, the industry body has recommended that the Budget 2017 should introduce a new  personal income tax structure. As per the its recommendation, the new tax structure should be as follows: Income up to Rs 3 lakh a year would be exempt from income tax. Person earning between Rs 3 lakh to Rs 10 lakh a year will be liable for 10% tax. Income between Rs 10 lakh to Rs 20 lakh will be taxed at  20% and the income of above Rs 20 lakh a year will attract a tax of 30%. The industry body also recommended that the excise duty in India should be kept at 12.5% until the Goods and Service Tax (GST) is implemented, the report said quoting the CII document. 