CBIC, CII, and Sri City Organise Post-Budget Interaction Session

 Tirupati: The Central Board of Indirect Taxes and Customs (CBIC), ministry of finance, Government of India, along with the Confederation of Indian Industry (CII) and Sri City, jointly organised a post-budget interaction and auditing awareness session in Sri City on Friday.

The session was led by P. Anand Kumar, commissioner, Guntur audit commissionerate, central taxes, central excise and customs, Visakhapatnam Zone. It aimed to educate industries on the latest taxation policies, compliance measures, and the implications of the Union Budget.

Dr Ravindra Sannareddy, founder managing director of Sri City, welcomed the dignitaries and appreciated CBIC’s proactive engagement with industries. He stressed the importance of such interactions in helping businesses adapt to policy changes.

Anand Kumar discussed the role of audits in improving transparency and compliance, highlighting the use of technology for efficiency. He noted that GST reforms under the ‘One Nation, One Tax’ policy had expanded the taxpayer base from 70 lakh to 140 lakh and reduced the median tax rate from 14.5 per cent to 11.5 per cent. He assured industry representatives of continued support through feedback mechanisms and dedicated teams.

R.A. Malathy, assistant commissioner, outlined budget allocations for infrastructure, inland waterways, Sagarmala, PM Gati Shakti, Aatmanirbhar Bharat, R&D, startups, and agriculture. Over 100 industry representatives attended, gaining insights into GST audits, compliance, and regulatory updates. Some joined virtually via Zoom. The session also clarified tax-related queries and discussed implementation challenges.