New Delhi: Financial sector players on Thursday sought tax concessions in the upcoming Budget for FY 2020-25 to boost the market.
At the pre-budget meeting with Finance Minister Nirmala Sitharaman here, some players urged the government to fix tax arbitrage wherever it exists.
This was the second pre-budget consultation attended by leading experts from the financial and capital markets sector regarding the upcoming General Budget 2024-25, the Finance Ministry said in a post on Twitter.
The full Budget 2024-25 is expected to be presented in Parliament next month.
Emerging from a two-hour meeting with the Finance Minister, Arun Kohli, MD and Country Head, Morgan Stanley India Company, said tax policies need to be stable and long-term oriented.
The participants also expressed their views on capital gains tax and securities transaction tax.
According to George Alexander Muthoot, MD, Muthoot Group, some players advocated deepening the market and providing some tax incentives.
FIDC Director Raman Aggarwal said, “We have suggested that since NBFC credit has increased and RBI has identified excessive dependence on banks, the allocation of funds from SIDBI and NABARD for refinancing NBFCs may increase. "
Aggarwal said NBFCs (non-banking financial companies) have also sought clarity on demand for GST on co-lending and payment of GST on service charges.
He said the asset management companies also discussed issues related to GIFT City and ways to retain capital within the country.
At the pre-budget meeting with Finance Minister Nirmala Sitharaman here, some players urged the government to fix tax arbitrage wherever it exists.
This was the second pre-budget consultation attended by leading experts from the financial and capital markets sector regarding the upcoming General Budget 2024-25, the Finance Ministry said in a post on Twitter.
The full Budget 2024-25 is expected to be presented in Parliament next month.
Emerging from a two-hour meeting with the Finance Minister, Arun Kohli, MD and Country Head, Morgan Stanley India Company, said tax policies need to be stable and long-term oriented.
The participants also expressed their views on capital gains tax and securities transaction tax.
According to George Alexander Muthoot, MD, Muthoot Group, some players advocated deepening the market and providing some tax incentives.
FIDC Director Raman Aggarwal said, “We have suggested that since NBFC credit has increased and RBI has identified excessive dependence on banks, the allocation of funds from SIDBI and NABARD for refinancing NBFCs may increase. "
Aggarwal said NBFCs (non-banking financial companies) have also sought clarity on demand for GST on co-lending and payment of GST on service charges.
He said the asset management companies also discussed issues related to GIFT City and ways to retain capital within the country.
