Government Invites Suggestions for Budget 2015
IN the context of formulating the proposals for the Union Budget of 2015-16, the Ministry of Finance would like to be benefited by the suggestions and views of the Trade and Industry Associations.
Suggestions can be 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 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 policy is to phase out profit linked deductions and minimizes exemptions; this may be taken into consideration while forwarding proposals.
MoF DoR TRU letter in F.No.344/20/2014-TRU, Dated: October 27, 2014