« Top Headlines » Open DEMAT Account in 24 hrs  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025  15 income tax rule changes in 2024 that will impact your ITR filing in 2025 «  Shift in accounting policy led to lower grading: GIC... DCA-Plan panel turf war delaying Competition Policy road map... » IMC submits budget wish-list December, 27th 2006 The President, Indian Merchants Chamber (IMC), Mr Narayan Patel, in an pre-budget submission to the Union Government on Indirect Taxes, said, "the real issue is no longer India's high rate of growth, but whether the country could sustain that rate of growth. The Union Budget 2007-2008 must make the high growth trajectory more sustainable." It has been suggested the Government move faster towards fuller Capital Account Convertibility to counter inflationary risks and lower indirect taxes to international rates. The memorandum also favours replacing multiple taxes with a Goods and Service Tax, as this would increase the tax-GDP ratio by 2 per cent. The IMC memorandum wants the government to tax agricultural income.