Union Budget: Industry seeks tax cuts, rationalisation of duties

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NEW DELHI: In an effort to spice up the financial system, representatives of varied industries on Tuesday urged finance minister Nirmala Sitharaman to cut back the incidence of oblique taxes and rationalise responsibility construction wherever required.
In a pre-Budget assembly with Sitharaman, FIEO president Ashwani Kumar made a case for an extension of the curiosity equalisation scheme for the following 5 years.
“We request the scheme which is valid till 30th June, 2024 may be extended for 5 years. Looking into the rise in interest rates consequent to the increase in repo rate from 4.4% to 6.5% in the last 2 years, the subvention rates may be restored back from 3% to 5% for manufacturers in MSMEs,” Kumar mentioned.
Kumar additionally urged for the institution of an Indian transport line of world reputation to cut back international transport line dependency and save international change.
Emerging from the almost two-hour assembly, Ajay Sardana, president & head of petchem-industry affairs, at Reliance Industries, mentioned there’s a want for a assessment of tariffs on imported items from China associated to the petrochem {industry}.
“China has created a lot of overcapacity…they are putting a lot of products in India at a very cheaper price and a lot of dumping is happening. So, what we requested is a review of the tariffs regime so that domestic capacity can be increased,” Sardana mentioned.
Shree Cement chairman HM Bangur mentioned govt ought to spend extra on capital expenditure in order that the cement {industry} advantages.
“We sought faster and simultaneous environmental clearances and no hindrance in capex,” he added.
Representing the providers sector, Nasscom vice chairman and head of public coverage Ashish Aggarwal mentioned, “From the Budget perspective, we are looking for easing the transfer pricing regime as a lot of our industry is not able to benefit from transfer pricing provision.”


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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