As an apex industry body, ASSOCHAM represents the interests of industry and trade, interfaces with Government on policy issues and interacts with counterpart international organizations to promote bilateral economic issues. ASSOCHAM is represented on all national and local bodies and is, thus, able to pro-actively convey industry viewpoints, as also communicate and debate issues relating to public-private partnerships for economic development. ASSOCHAM members represent sectors like Trade (National and International), Industry (Domestic and International), Professionals (e.g. CAs, lawyers, consultants), Trade and Industry Associations and other Chambers of Commerce.
ASSOCHAM in its pre budget memorandum for Union Budget 2012-13 has recommended the following:
- Excise duty and Service tax rates should be retained at the current level of 10.3%
- They have recommended to give priority to tax reform particularly in introduction of GST which will accelerate economic growth and will also bring buoyancy in Govt. revenue due increase in tax base and better compliance
- Government should expedite the process of levying safeguard duty and anti-dumping duty in appropriate cases especially in the case of import from China.
- To consider disinvestment of its shareholding in PSU for generating additional revenue to reduce fiscal deficit.
- To build storage facilities for agricultural goods and imported commodities including petroleum products by providing fiscal incentive
- To moderate interest rate since the inflation rate has started declining
- Central sales tax rate should be reduced from 2% to 1%
- In order to encourage new investment they have asked the Government should reverse last year's withdrawal and restore the CENVAT Credit. This will be in line with the GST structure.
- Natural Gas to be included in the list of 'Goods of special importance' under Section 14 of the Central Sales Tax Act so that it is taxed uniformly at lower rate by all states like crude oil, coal and steel
- Suggests to remove that the surcharge and education cess be removed in respect of corporates
- To revise the exemption limit of reimbursement of medical expenses for employee and his family to atleast Rs 50,000 per annum
- Exemption limit for payment of leave encashment should be raised to Rs.10 lakhs.
- Simplified scheme for obtaining PAN in the case of non-residents should be introduced.
