The Ministry of Finance has invited the suggestions and views of Industry and Trade Associations with regard to the suitable changes to be taken in case of tax incentives, deductions and exemptions in direct and indirect taxes for Budget 2023-24.
The Ministry, in a letter issued on Friday, stated that “Your 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.”
“As can be seen that 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,” it said.
The last date to submit the suggestions is 5th November 2022.
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