The finance ministry has sought suggestions and recommendations from industry and trade associations regarding direct and indirect taxes for the Union Budget 2023-24
New Delhi: Kickstarting stakeholder consultation for the 2023-24 Budget, 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 a 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.
Finance Ministry seeks suggestions for implementing changes in tax structure
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 the industry's suggestions on reducing compliance burdens, providing tax certainty and reducing litigation.
In the indirect taxes front, the request for correcting the inverted duty structure for any commodity should be supported by value addition at each stage of manufacturing.
(With PTI inputs)
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