The Finance Minister has introduced an additional cess of 1% for financing secondary and high education; hiked Dividend Distribution Tax from 12.5% to 15%; raised the Dividend Distribution Tax on dividends paid to all investors by money market mutual funds and liquid mutual funds to 25%; brought ESOPS under the FBT net; extended MAT to IT sector and extended 12% service tax on rental on property for commercial purposes.
These measures, the FICCI Chief pointed out, would further add to the tax burden of corporates and send wrong signals at a time when India Inc. was expecting rationalization in corporate tax rates to yield larger revenues through the operation of the Laffer curve effect.
Federation of Indian Chambers of Commerce and Industry
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