Finance Ministry seeks suggestions related to taxation from industry, trade associations
The Finance Ministry has sought suggestions related to taxation from industry and trade associations for Budget 2022-23, which is going to set the tone for the growth of India's economy hit by the COVID-19 pandemic. In a communication to trade and industry associations, the ministry invited suggestions for changes in the duty structure, rates, and broadening of tax base on both direct and indirect taxes giving economic justification for the same.
The ministry said ‘Your suggestions and views may be supplemented and justified by relevant statistical information about the production, prices, revenue implication of the changes suggested and any other information to support your proposal.’ It said the request for correction of inverted duty structure, if any for a commodity, should necessarily be supported by value addition at each stage of manufacturing of the commodity. It would not be feasible to examine suggestions that are either not clearly explained or which are not supported by adequate justification or statistics.
The Budget 2022-23 is expected to be presented in Parliament on February 1 next year. It will be the fourth budget of the Modi 2.0 government and Finance Minister Nirmala Sitharaman. The budget for the next year is expected to address critical issues of demand generation, job creation, and putting the economy on a sustained 8 percent-plus growth path.
