Budget 2024: Finance Ministry invites industry views on tax rates, litigation laws - Hindustan Times
close_game
close_game

Budget 2024: Finance Ministry invites industry views on tax rates, litigation laws

PTI |
Jun 17, 2024 01:04 PM IST

The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July.

The Finance Ministry has invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 Budget from trade and industry associations.

The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry.
The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry.

The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July.

Read more: Elon Musk’s X wants laid-off employees to give money back: ‘They were overpaid’

The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry.

Read more: Zerodha's Nikhil Kamath asks Bill Gates: Capitalism or socialism. Latter's pick is…

For changes in customs and excise duties, the trade and industry would have to supplement and justify their demand with relevant statistical information about production, prices, and revenue implication of the changes suggested.

Read more: Gautam Adani raises stake in Adani Enterprises, buys more from open market

The request for correction of inverted duty structure would have to be supported by value addition at each stage of manufacturing of the commodity.

With regard to direct taxes, the ministry said the suggestions could be also on reducing compliances, providing tax certainty and reducing litigations.

It said the government policy in the medium term is to phase out tax incentives, deductions and exemptions while simultaneously rationalising rates of tax.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, July 18, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On