nagpur vidarbha taxpayers association vta a local body taking up issues related to general public as well as the trade and industry has in its prebudget memorandum to the finance minister demanded that the government should reduce the rates of minimum alternate tax mat payable by any company which shows a book profit as per its audited financial statement this tax is applicable even if the company otherwise does not have a taxable income if its books show a profit for the given financial year which in general terms means that receipts exceed the expenditure according to vta the rate was increased from 75 to 1875 in the year 20112 which it says is too steep and rather can be brought down to 10 the high rates are hampering the companies profitability especially those engaged in infrastructure business the memorandum also highlighted the issue of reopening of case under sections 147 and 148 of the income tax act through which several notices have been sent demanding the tax vta says alleges that it leads to harassment of the taxpayers and also encourages corruption the association has emphasized on making goods and service tax gst applicable from the next budget onwards it has said that all taxes levied from the centre and states on the goods ands services must be include into the gst even brining stamp duty purchase tax apmc fees royalty tax on motor vehicles entry tax and even octroi within its fold