Connect with us

Hi, what are you looking for?

Political Mirror

Policy

India’s Finance Ministry seeks trade, industry suggestions on taxes for 2023-24 Budget

NEW DELHI: Kickstarting stakehoder consultation for 2023-24 Budget in India , the finance ministry has sought suggestions from industry and trade associations regarding direct and indirect taxes.

Along with the suggestions, the industry has to submit justification for their demand which, if found with merit, could become part of the Union Budget for 2023-24 (April-March), to be tabled in Parliament on February 1, 2023.

The deadline for sending suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes is November 5.

“In the context of formulating the proposals for the Union Budget for 2023-24, the Ministry of Finance would like to be benefited by the suggestions and views of your association,” the ministry said.

It said that since the government is working to phase out tax incentives, deductions and exemptions while simultaneously rationalising direct tax rates, the industry should point out ‘positive externalities’ arising out of the recommendations.

The ministry also sought industry suggestions on reducing compliance burdens, providing tax certainty and reducing litigation.

In the indirect taxes front, the request for correcting inverted duty structure for any commodity should be supported by value addition at each stage of manufacturing.

Source: Press Trust of India

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Politics

NEW DELHI:A man disguised as an advocate was allegedly caught by the police security detail of the main witness in the 1984 Anti Sikh...

Politics

BARAMULLA: India’s Home Minister Amit Shah on Wednesday ruled out holding dialogue with Pakistan and asserted that the Modi government will wipe out terrorism...

SP

LUCKNOW: The Samajwadi Party on Wednesday appealed to the country’s constitutional institutions, including the Election Commission of India, to conduct an inquiry into the...

AIMIM

NEW DELHI: AIMIM president Asaduddin Owaisi on Saturday evening declared his party’s candidates for three seats for the coming Assembly elections in Gujarat. Elections...

ECI

NEW DELHI: Chief Election Commissioner (CEC) Rajiv Kumar along with Election Commissioner (EC) Anup Chandra Pandey today launched a yearlong Voter Awareness Program –...