It is not only 33.33% corporate tax. Add to this other cumbersome taxes by way of FBT and Service Tax that the indian corporates (other than IT companies) are burdened with. We should not be obssessed with some rare examples of india inc. moving towards global acquisition. For healthy growth of corporates in general, it is advisable to do away with cumbersome FBT and retain the direct tax of 33.33%. The Service Tax rate should also be brought back to 10% as it is hurting the consumers in general and is likely to lead to some amount of unhealthy practices in the market.
