The Chamber of Industrial and Commercial Undertaking (CICU) has asked the Ministry of Finance to include certain pre-union budget proposals for the Union Budget 2012-2013 for the benefit of the industry. CICU has demanded tax rates to be reduced. The tax rates for small-scale industry and tax practitioners should be 10 per cent and 15-20 per cent for all other industry. The rates of penalties are too high and require elimination of discretionary powers. Prosecution provisions should be eliminated from the act, said a letter written to the ministry.
