Associated Chambers of Commerce and Industry of India (ASSOCHAM) has recommended withdrawal of taxes imposed on Indian incorporations during boom time to offset the revenue losses of Indian industry in times of hardships.

The ASSOCHAM president Sajjan Jindal said that during the economic boom period, the finance ministry imposed variety of taxes both direct and indirect with heavy doses and since the current time is that of hardships in which margins have been drastically reduced; such taxes need to be immediately withdrawn.

His team also recommended the imposition of heavy anti-dumping duties on goods coming in from nations like China, Thailand, Malaysia and commonwealth of independent states (CIS) countries.

Jindal said that he would seek withdrawal of heavy service taxes, excise and other local levies including couple of direct and indirect taxes during his forthcoming meetings with policy makers both at centre and state level.

The government not only needs to restructure its entire tax structure but also create confidence at times of its crisis so that more jobs are created.

The crisis can be removed by creating demand as currently demand is the most suffered lot. In addition, the ASSOCHAM has sought creation of infrastructure Fund with a seed capital of USD 10 billion because with suitable infrastructure in place, the government will be able to create demand.