Federation of Indian Chambers of Commerce and Industry (FICCI) immediate past president Subhrakant Panda met Finance Minister Nirmala Sitharaman on June 20.
New Delhi: The Modi 3.0 government at the Center is going to present the full budget for the financial year 2024-25 next July. Earlier, Union Finance Minister Nirmala Sitharaman held pre-budget consultations with various stakeholders, including economists, trade unions and chambers of commerce. Various proposals have been given to the government from all concerned quarters. Federation of Indian Chambers of Commerce and Industry (FICCI) immediate past president Subhrakant Panda met Finance Minister Nirmala Sitharaman on June 20. In that meeting, he highlighted the need to sustain growth by prioritizing boosting demand, infrastructure development, combating food inflation, supporting micro, small and medium industries (MSME), innovation and research and development.
"We look forward to a prudent budget that builds on the strength of the Indian economy for accelerated growth and remains committed to fiscal consolidation," Panda said. In fact, FICCI's recommendations aim to create a balanced budget that addresses current economic challenges while laying a strong foundation for future growth.
The Chamber particularly proposed simplification of TDS rules and Capital Gains Tax regime. It has recommended only three tier TDS tax structure. Reforms in the Goods and Services Tax (GST) regime have also been recommended. In that case it is suggested to introduce a new independent dispute resolution forum and introduce a procedure with minimum hassles to achieve input tax credit pass-through. FICCI suggested creating a blockchain-based single portal for all trade-related permits and enhancing cross-border paperless trade through electronic exchange of customs declarations and certificates. They also calls for simplifying capital gains tax into broad categories for different assets.
FICCI has proposed setting up a Food Inflation and Response Strategy Team (FIRST) under the Prime Minister's Office (PMO) to develop an integrated framework to combat food inflation through short-term and logistical strategies in agricultural production.
New Delhi: The Modi 3.0 government at the Center is going to present the full budget for the financial year 2024-25 next July. Earlier, Union Finance Minister Nirmala Sitharaman held pre-budget consultations with various stakeholders, including economists, trade unions and chambers of commerce. Various proposals have been given to the government from all concerned quarters. Federation of Indian Chambers of Commerce and Industry (FICCI) immediate past president Subhrakant Panda met Finance Minister Nirmala Sitharaman on June 20. In that meeting, he highlighted the need to sustain growth by prioritizing boosting demand, infrastructure development, combating food inflation, supporting micro, small and medium industries (MSME), innovation and research and development.
"We look forward to a prudent budget that builds on the strength of the Indian economy for accelerated growth and remains committed to fiscal consolidation," Panda said. In fact, FICCI's recommendations aim to create a balanced budget that addresses current economic challenges while laying a strong foundation for future growth.
The Chamber particularly proposed simplification of TDS rules and Capital Gains Tax regime. It has recommended only three tier TDS tax structure. Reforms in the Goods and Services Tax (GST) regime have also been recommended. In that case it is suggested to introduce a new independent dispute resolution forum and introduce a procedure with minimum hassles to achieve input tax credit pass-through. FICCI suggested creating a blockchain-based single portal for all trade-related permits and enhancing cross-border paperless trade through electronic exchange of customs declarations and certificates. They also calls for simplifying capital gains tax into broad categories for different assets.
FICCI has proposed setting up a Food Inflation and Response Strategy Team (FIRST) under the Prime Minister's Office (PMO) to develop an integrated framework to combat food inflation through short-term and logistical strategies in agricultural production.
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