Suggestions invited from the Industry & Trade Associations for Budget 2024-25

Suggestions invited from the Industry and Trade Associations for Budget 2024-25

In the context of formulating the proposals for the Union Budget of 2024-25, the Ministry of Finance has invited suggestions and views from public. Suggestions may be send for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same.

Suggestions and views may be supplemented and justified by relevant statistical information about production, prices, revenue implication of the changes suggested and any other information to support your proposal. 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 / statistics.

The Government policy with reference to direct taxes in the medium term is to phase out tax incentives, deductions and exemptions while simultaneously rationalising the rates of tax. It would be also desirable that while forwarding the suggestions/ recommendations positive externalities arising out of the said recommendations and their quantification are also indicated. You may also like to give your suggestions for reducing compliances, for providing tax certainty and reducing litigations. The Synopsis of your suggestions could be given in the following format:

Sl. No.              Issue          Justification

However, GST related requests are not examined as part of Annual Budget. Suggestions related to Customs and Central Excise may be forwarded in the following format:

Suggestions 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 June, 2024.

Download Press Release Click Here >>

• No protective addition required when additions is confirmed in hands of searched person – ITAT
• Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC
• Case remanded in absence of finding if disallowance u/s 40A(3) covered by Rule 6DD
• For investment in share capital, source of investment is outside the control of the investee company
• ICAI issues revised Code of Ethics (13th edition)- Applicable Dates