New Delhi, The Finance Ministry has invited suggestions from trade and industry associations on changes in direct and indirect taxes and laws to reduce compliance for Budget 2024-25.

The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July.

According to the ministry, the suggestions may include changes in duty structure, rates and considerations to broaden the tax base on both direct and indirect taxes, providing economic justification for the same.

For changes in customs duties and excise duties, trade and industry must supplement and justify their demand with relevant statistical information about production, prices and revenue implications of the suggested changes.

The request for reform in the inverted duty structure should be supported by value addition at each stage of manufacturing of the commodity.

With regard to direct taxes, the ministry said the suggestions could also be on reducing compliance, providing tax certainty and reducing litigation.

It said the government's policy in the medium term is to rationalize tax rates along with phasing out tax incentives, deductions and exemptions.