The Confederation of Indian Industry (CII) has called for lower corporate tax rates, maintaining the peak rate of customs duty among others in its pre-budget consultation with the finance ministry.

"On the tax side we want lower taxes but also no exemptions, it is both together. This has been going on for several years and it has to be revenue neutral, we cannot expect to suggest something which will reduce revenue. In fact, we need a growth in revenue, so we need a wider tax net and we need growth in revenue to keep the country growing. However, we have to get competitive on the tax side with the rest of the countries in South East Asia," said CII president Vikram Kirloksar in an interview with CNBC-TV18.

"I think across the board we are looking at lower taxes and no exemptions. I think at the 18 percent tax rate we should be competitive and 18 percent rate with zero exemptions... is revenue neutral," he added.