The Ministry of Finance, Department of Revenue, and Tax Research Unit opted for a proactive step for inclusive policy-making by asking for recommendations from Industry and Trade Associations for the forthcoming Budget 2024-25. The official communication, referenced as F. No.334/1/2024-TRU, was issued dated June 12, 2024.
Concerning drafting the proposals for the union budget of 2024-25, the Ministry of Finance seems to be advantageous via recommendations and views of your association. You might wish to provide your recommendations for the revisions in the duty structure, rates, and broadening of tax base on both direct and indirect taxes delivering economic justification for the identical.
Your recommendations and views might be increased and justified via pertinent statistical data for the production, costs, and revenue implication of the revisions recommended and any additional data to assist your proposal. The request to correct the inverted duty structure, if any for a commodity must be required to be assisted via value addition at each phase of manufacturing of the commodity.
The same shall not be possible to analyze the recommendations that are either not elaborated or which are not kept by enough justification/statistics.
The policy of the government for direct taxes in the medium term is to discontinue the tax incentives, deductions, and exemptions simultaneously rationalizing the tax rates. It is expected that during the forwarding of the recommendations positive externalities emerging the quoted suggestions and their qualification are indeed shown.
You also wish to provide your recommendations for decreasing the compliances for furnishing the tax certainty and diminishing the litigations. The recommendations of your Synopsis can be furnished in the following format-
| S. No. | Issue | Justification |
It might be remarked that GST-related queries are not analyzed as a part of the Annual Budget. In the below-stated format the recommendations pertinent to the customs and central excise might be forwarded-
| S. No. | Request | Existing rate of duty | Requested rate of duty | Justification |
Pertinent details as specified in Annexure-A enclosed herewith, may be furnished.
Your recommendations and views may be emailed, as Word document in the form of separate attachments, in respect of Indirect Taxes [Customs and Central Excise (for commodities outside GST)] to budget-cbec@nic.in and Direct Taxes to ustpl3@nic.in. Hard copies of the Pre-Budget proposals/ suggestions relating to Customs & Central Excise may be addressed to Ms Limatula Yaden, Joint Secretary (TRU-I), CBIC, while the suggestions relating to Direct Taxes may be addressed to Shri Raman Chopra, Joint Secretary, Tax Policy and Legislation (TPL-I), CBDT. It would be appreciated if your views and suggestions reach us by the 17th of June 2024.
