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Suggestions from Industry & Trade Associations for Budget 2023-24 regarding changes in direct and indirect taxes
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....uggestions from Industry & Trade Associations for Budget 2023-24 regarding changes in direct and indirect taxes <br>News and Press Release<br>Dated:- 17-10-2022<br><BR>============= Document 1 To, F. No.334/6/2022-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit Room No. 156 North Block New Delhi, dated 14th October, 2022 Trade and Industry Associations ....
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....Subject: Suggestions from the Industry and Trade Associations for Budget 2023-24 regarding changes in direct and indirect taxes. Sir/Madam, In the context of formulating the proposals for the Union Budget of 2023-24, the Ministry of Finance 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, rate....
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....s and broadening of tax base on both direct and indirect taxes giving economic justification for the same. 2. Your suggestions and views may be supplemented and justified by relevant statistical information about production, prices, revenue implication of the changes suggested and any other information to support your proposal. The request for correction of inverted duty structure, if any fo....
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....r a commodity, should necessarily be supported by value addition at each stage of manufacturing of the commodity. It would not be feasible to examine suggestions that are either not clearly explained or which are not supported by adequate justification / statistics. 3. As can be seen that the Government policy with reference to direct taxes in the medium term is to phase out tax incentives, d....
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....eductions and exemptions while simultaneously rationalising the rates of tax. It would be also desirable that while forwarding the suggestions/recommendations positive externalities arising out of the said recommendations and their quantification are also indicated. You may also like to give your suggestions for reducing compliances, for providing tax certainty and reducing litigations. The Sy....
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....nopsis of your suggestions could be given in the following format: S.No. Issue Justification 4. It may be noted that GST related requests are not examined as part of Annual Budget. Suggestions related to Customs and Central Excise may be forwarded in the following format: S. No. Request Existing rate of duty Requested rate of duty Justification 334/6/2022-TRU Additionally, the relevant....
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.... information as prescribed in the Annexure-A enclosed herewith, may be provided. 5. Your suggestions and views may be emailed, as word document in the form of separate attachments, in respect of Indirect Taxes [Customs and Central Excise [for commodities outside GST)] to [email protected] and Direct Taxes to [email protected]. Hard copies of the Pre-Budget proposals/suggestions relating to Cust....
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....oms & Central Excise may be addressed to Ms. Limatula Yaden, Joint Secretary (TRU-I), CBIC, while the suggestions relating to Direct Taxes may be addressed to Shri K. C. Varshney, Joint Secretary, Tax Policy and Legislation (TPL-I), CBDT. It would be appreciated if your views and suggestions reach us by the 5th November, 2022. Yours sincerely, Alokhande 14/10/22 Sandesh Lokhande Budget Off....
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....icer, Tax Research Unit, Dept. of Revenue Tel: 011-2309 5547 Page 2 of 3 Description Quantum of CIF S. HS No Code of the Imports Product value of 2020-21 to imports 2022-23 334/6/2022-TRU ANNEXURE-A Quantum Value of Unit Existing Proposed Revenue Implications domestic Price Duty Duty of domestic production (CIF) 2020-21 production 2020-21 to to 2022- 2020-21 to 2022-23 23 ....
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.... 2022-23 implication of of proposal the the proposal for the domestic industry Page 3 of 3<BR> News - Press release - PIB....