New Delhi [India], In a series of pre-Budget consultations, industry leaders from Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce and Industry (FICCI). Presented a number of recommendations aimed at promoting economic growth, increasing ease of doing business and promoting sustainable development.
The meeting with Revenue Secretary Sanjay Malhotra and his team highlighted key areas of focus for the government in the upcoming Union Budget.
The Confederation of Indian Industry (CII) stressed the need for a significant increase in government capital expenditure, proposing a 25 per cent increase compared to the 16.8 per cent increase outlined in the interim budget. CII's focus is on supporting agricultural productivity and rural economic development. The focus is on building rural infrastructure including irrigation systems, storage and cold chain facilities.
CII suggested, "To boost consumption demand in the short term, steps such as providing modest relief in income tax to those at the lower end of the spectrum with taxable income up to Rs 20 lakh; cut in excise duty on petrol and diesel: above." "Amendment to increase DBT amount under PM Kisan"
CII also proposed a mission on advanced manufacturing and advanced materials to enhance India's manufacturing capabilities.He stressed the need for stronger focus on agriculture and rural development, suggested creation of non-farm rural jobs through village-level entrepreneurship and development of integrated rural business centres.
Furthermore, CII called for the establishment of a Green Transition Fund to support decarbonization of industries, especially micro, small and medium enterprises (MSMEs).
He also highlighted the need for a national mission on water security and proposed an employment-linked incentive scheme for labour-intensive sectors with high growth potential. CII's broader suggestions include the creation of a social security fund for gig and platform workers. and drawing up a roadmap to increase public expenditure on health to 3 per cent of GDP and on education to 6 per cent of GDP by 2030.
He also proposed the next set of Goods and Services Tax (GST) reforms, advocating a three-tier GST structure and inclusion of petroleum, real estate and electricity under the GST regime.PHD Chamber of Commerce and Industry (PHDCCI) met Revenue Secretary Sanjay Malhotra to discuss its budget recommendations. PHDCCI Senior Vice President Hemant Jain called for reform of personal tax to simplify the tax system and reduce the burden on taxpayers. Called for increase in exemptions and reduction in penal provisions.
He said, "We have recommended that personal tax exemptions should be increased. Additionally, penal sections, which the government has reduced in the last two terms, should be further reduced. The government should ensure ease of doing business. And duplication in the taxation process should be avoided.“, to ensure that the common people are not harassed.”
Mukul Bagla, chairman of the direct taxes committee at PHDCCI, highlighted the heavy tax burden on the Indian middle class, especially those with income of Rs 15 lakh or more. "Currently the middle class is taxed at 30 per cent," Bagla said. ", leaving them with very little disposable income for savings and other needs. We have suggested that the 30 per cent tax slab should be applicable only to income above Rs 40 lakh."
To address environmental concerns, Bagla proposed to promote electric vehicles by increasing the depreciation rate on these vehicles to 60 percent.In the pre-Budget meeting with the Finance Ministry, the Federation of Indian Chambers of Commerce and Industry (FICCI) stressed the importance of simplifying capital gains tax. Immediate Past President of FICCI, Subhrakant Panda said, "Simplification of capital gains tax is on our agenda. ", and the government is actively considering it. Although the direction has not yet been determined, it remains an important focus."
Panda highlighted India's strong position, as reflected by growth forecasts and strong direct and indirect tax collections.
He stressed the importance of maintaining the pace of development in the next five years."We have deferred requests for concessions and exemptions, instead focusing on realizing the growth potential by increasing simplification and ease of doing business," he said. Panda said the aim was to reduce litigation and resolve disputes where There arises a mutually agreeable solution to be found.
The meeting with Revenue Secretary Sanjay Malhotra and his team highlighted key areas of focus for the government in the upcoming Union Budget.
The Confederation of Indian Industry (CII) stressed the need for a significant increase in government capital expenditure, proposing a 25 per cent increase compared to the 16.8 per cent increase outlined in the interim budget. CII's focus is on supporting agricultural productivity and rural economic development. The focus is on building rural infrastructure including irrigation systems, storage and cold chain facilities.
CII suggested, "To boost consumption demand in the short term, steps such as providing modest relief in income tax to those at the lower end of the spectrum with taxable income up to Rs 20 lakh; cut in excise duty on petrol and diesel: above." "Amendment to increase DBT amount under PM Kisan"
CII also proposed a mission on advanced manufacturing and advanced materials to enhance India's manufacturing capabilities.He stressed the need for stronger focus on agriculture and rural development, suggested creation of non-farm rural jobs through village-level entrepreneurship and development of integrated rural business centres.
Furthermore, CII called for the establishment of a Green Transition Fund to support decarbonization of industries, especially micro, small and medium enterprises (MSMEs).
He also highlighted the need for a national mission on water security and proposed an employment-linked incentive scheme for labour-intensive sectors with high growth potential. CII's broader suggestions include the creation of a social security fund for gig and platform workers. and drawing up a roadmap to increase public expenditure on health to 3 per cent of GDP and on education to 6 per cent of GDP by 2030.
He also proposed the next set of Goods and Services Tax (GST) reforms, advocating a three-tier GST structure and inclusion of petroleum, real estate and electricity under the GST regime.PHD Chamber of Commerce and Industry (PHDCCI) met Revenue Secretary Sanjay Malhotra to discuss its budget recommendations. PHDCCI Senior Vice President Hemant Jain called for reform of personal tax to simplify the tax system and reduce the burden on taxpayers. Called for increase in exemptions and reduction in penal provisions.
He said, "We have recommended that personal tax exemptions should be increased. Additionally, penal sections, which the government has reduced in the last two terms, should be further reduced. The government should ensure ease of doing business. And duplication in the taxation process should be avoided.“, to ensure that the common people are not harassed.”
Mukul Bagla, chairman of the direct taxes committee at PHDCCI, highlighted the heavy tax burden on the Indian middle class, especially those with income of Rs 15 lakh or more. "Currently the middle class is taxed at 30 per cent," Bagla said. ", leaving them with very little disposable income for savings and other needs. We have suggested that the 30 per cent tax slab should be applicable only to income above Rs 40 lakh."
To address environmental concerns, Bagla proposed to promote electric vehicles by increasing the depreciation rate on these vehicles to 60 percent.In the pre-Budget meeting with the Finance Ministry, the Federation of Indian Chambers of Commerce and Industry (FICCI) stressed the importance of simplifying capital gains tax. Immediate Past President of FICCI, Subhrakant Panda said, "Simplification of capital gains tax is on our agenda. ", and the government is actively considering it. Although the direction has not yet been determined, it remains an important focus."
Panda highlighted India's strong position, as reflected by growth forecasts and strong direct and indirect tax collections.
He stressed the importance of maintaining the pace of development in the next five years."We have deferred requests for concessions and exemptions, instead focusing on realizing the growth potential by increasing simplification and ease of doing business," he said. Panda said the aim was to reduce litigation and resolve disputes where There arises a mutually agreeable solution to be found.
