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The Survey, tabled in Parliament, also called for reviewing commodities transaction tax, which was proposed in the Budget for 2008-09 but not notified.
"Review and phasing out of surcharges, cesses and transaction taxes (such as CTT, STT, FBT). Incentivise states to do the same with respect to stamp duties," the survey said.
The Survey also asked for rationalising the dividend distribution tax so that dividend is taxed in the hands of receiver.
Surcharge at a rate of 10 per cent is levied on those earning at least Rs 10 lakh per annum and corporate income tax.
Industry is demanding removal of the surcharges to make calculation of corporate taxes simple and increase disposable income of people.
Education cess is levied at the rate 3 per cent on taxes.
Besides, cess at the rate of Rs 2 per litre is levied on petrol and diesel to fund national highways, rural development and state roads.
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Sir,to tide over present difficult time of economic recession the taxes should be minimised so that more money left in the hands of people can be used for more spending thus resulting in more demand and giving rise to more employment to meet increased demand.Tax slabs should also be revised as 0% upto 3lacs,10% upto 5lacs 15% upto 8lacs and 20% on more than 8 lacs.