budget2024

The finance ministry may make industry’s demands (backed by justifications) a part of the budget, if it finds a merit in them, said the ministry. The Union Budget for the next fiscal year which will start from April 2023, will probably be presented in the parliament on 1 February 202. The government is working hard to introduce tax incentives, deductions and exemptions meanwhile rationalising the direct tax rates on the other hand

The finance ministry of India kickstarted the stakeholder consultation for the federal budget for the upcoming fiscal year.  It has asked out the industry and trade associations for suggestions about the nation’s direct and indirect taxes.

The finance ministry may make industry’s demands (backed by justifications) a part of the budget, if it finds a merit in them, said the ministry.

The suggestions for tweaks in the duty structure, rates and broadening of tax base on both direct and indirect taxes is required to be submitted by the industry stakeholders by 5 November. The Union Budget for the next fiscal year which will start from April 2023, will probably be presented in the parliament on 1 February 2023. 

The ministry said that the industry must note ‘positive externalities’ coming out of the suggestions. The government is working hard to introduce tax incentives, deductions and exemptions meanwhile rationalising the direct tax rates on the other hand.

In case of indirect taxes, the request against correction of inverted duty structure for any commodity must be supported by value addition at each stage of manufacturing. The minister has also asked industry stakeholders to submit suggestions on easing compliance burden, providing tax certainty and reducing litigation.