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Budget 2018 - MoF invites suggestions from Industry and Trade

By TIOL News Service

NEW DELHI, NOV 17, 2017: FOR the Union Budget 2018, the Ministry of Finance has invited suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same.

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 for a commodity, should necessarily be supported by value addition at each stage of manufacturing of the commodity. The MoF has stated that it would not be feasible to examine suggestions that are either not clearly explained or which are not supported by adequate justification / statistics.

As regards direct taxes, industry has been advised to take into consideration the Budget announcement made in Union Budget 2015-16 to reduce the rate of Corporate Tax from 30% to 25% over the next 4 years along with rationalization and removal of various kinds of tax exemptions and incentives and the plan of phasing out exemptions and tax incentives laid before the Parliament with the Union Budget 2016-17. The Synopsis of your suggestions could be given in the following format:

Sr.
No.
Issue Justification

In respect of proposals relating to changes in Customs and Central excise duty rates, the additional information may be provided.

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 budget-cbec@)nic.in and Direct Tax to ustpl3@nic.in. Hard copies of the Pre-Budget proposals/ suggestions relating to Customs & Central Excise may be sent to Mr Alok Shukla, Joint Secretary (TRU-I), and Service Tax to Mr Amitabh Kumar, Joint Secretary (TRU-II), CBEC, while the suggestions relating to Direct Taxes may be sent to Mr Rasmi Ranjan Das, Joint Secretary, Tax Policy and Legislation (TPL-I), CBDT needs to be sent and the last date is November 25, 2017.


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