Government invites suggestions for 2014-15 Budget
IN exactly a month from now, there will be a new Government in Delhi - who is going to be the political master is immaterial for the sincere and serious babu who is earnestly busy in his budget work.
The Finance Ministry has invited suggestions from Industry and Trade Associations for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same.
Ministry wants the suggestions and views to be supplemented and justified by relevant statistical information about production, prices, revenue implication of the changes suggested and any other information to support the 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 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, the government's policy is to phase out profit linked deductions and minimize exemptions; this may be taken into consideration while forwarding proposals.
Proposals in respect of indirect taxes may be sent to budget-cbec@nic.in and Direct Tax to ustpl3@nic.in by 5th of May 2014.
MoF Dept of Revenue F.No.334/8/2014-TRU, dated: April 17 2014