India Inc pre-Budget discussions tomorrow: Pranab | business | Hindustan Times
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India Inc pre-Budget discussions tomorrow: Pranab

business Updated: Jan 04, 2010 23:02 IST
India Inc pre-Budget discussions tomorrow: Pranab

Finance Minister Pranab Mukherjee will begin the customary pre-Budget consultations with the captains of India Inc on Tuesday, amid concerns of government contemplating to withdraw stimulus given to the industry to combat the impact of global financial meltdown.

The meeting, aimed at firming up proposals for the 2010-11 Budget, will be attended by representatives of three apex chambers - FICCI, CII and Assocham -- and other industrialists.

With the economic growth rising to 7.9 per cent in the second quarter (July-September 2009-10), the industry fears that the government may withdraw the stimulus in the next Budget to be unveiled in February.

The issues concerning implementation of the Direct Taxes Code (DTC) are also likely to figure prominently.

The industry has specifically objected to the DTC proposal of levying the Minimum Alternate Tax (MAT) on gross assets instead of book profit. At present, companies pay 15 per cent MAT on book profits.

As part of the customary exercise to elicit the views of different interest groups on the Budget, the Finance Minister will also be meeting economists, agriculturists, consumer activists and trade unions.