The Ministry of Finance (MoF) on October 17, 2024, issued the notification regarding the Suggestions from the Industry and Trade Associations for Budget 2025-26 regarding changes in direct and indirect taxes.
The following has been stated namely: -
• Suggestions for changes in the duty structure may be sent
• 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.
• 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.
• The Synopsis of the suggestions could be given in the prescribed format.
• Suggestions and views may be emailed by October 25, 2024 as word document in the form of separate attachments, in respect of Indirect Taxes [Customs and Central Excise (for commodities outside GST)] to budget-[email protected] and Direct Taxes to [email protected]. Hard copies of the Pre-Budget proposals/suggestions relating to Customs & 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 Joint Secretary, Tax Policy and Legislation (TPL-I), CBDT.
[Notification No. F.No.334/5/2024-TRU]
