India now needs a tax reform and improved investment cycle for which both corporate as well as individual tax rates have to be brought down substantially to give benefits to people to have the savings so that they can consume more and invest more, said  Sunil Kanoria, President, ASSOCHAM.

Finance Minister Arun Jaitley on Saturday held the Fourth Pre-Budget Consultative Meeting for the Union Budget 2017-18 with the representatives of Indian Trade and Industry Associations/Groups.

Kanoria said this to media after the meeting with the Finance Minister.

The Association has also urged the government to work towards increasing the investment by the government through the money that they would get in infrastructure and social sector to augment the challenges which the demonetization will give in the short run.

Kanoria said Assocham also suggested the corporate tax rate should be brought down to 25 per cent and the tax rate under GST should not be more than 15 per cent now, which earlier was 18 per cent. (Watch his full interview) (KNN Bureau)