FinMin seeks industry suggestions on taxation for Budget
The central budget for next financial year is likely to be presented in Parliament latest by February 2 or earlier.
New Delhi: Gearing up for early presentation of Union Budget 2017-18, the Finance Ministry has asked industry and trade bodies to start sending suggestions on taxation and other fiscal issues.
The central budget for next financial year is likely to be presented in Parliament latest by February 2 or earlier, about a month ahead of the usual last working day of February.
In a number of steps aimed at reforming the process, the government has also decided to merge the Railways Budget with the Union Budget, and do away with the Plan and Non-Plan classification of expenditure.
In the context of formulating the proposals for the Union Budget of 2017-18, the Finance Ministry said it would "like to be benefited" by the suggestions and views of your Association".
"You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justifications for the same," it said in a communication to industry and trade associations.
The ministry has sought the suggestion till October 18. Yesterday, the Finance Ministry briefed Parliamentary Standing Committee on Finance about the rational of the proposed budget reforms.
The communication further said that the suggestions and view should be supplemented and justified by relevant statistical information about production, prices, and revenue implications of the changes suggested.
"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 said.