Fringe benefit tax, which taxes perquisites provided by an employer to employees, has shaken up India. Finance Minister P Chidambaram's shocker sent shivers down India Inc's spine and fears were aired that the industry will be badly hit by this tax, which is 'a barrier to growth.'
For long Chidambaram has defended the introduction of FBT, but even as the clock ticks for this year's Union Budget (February 28), the clamour for the removal of FBT has gained intensity.
Not only the industry, but even the Congress party has asked the finance minister to scrap the irritant called FBT.
Do you think FBT should be scrapped and India Inc be given alternative choices? Or is it okay to tax companies for perks provided to their employees?Tell us!