PR No – 100
18th June, 2024
New Delhi
PHDCCI interacts with the Department of Revenue, Ministry of Finance, Government of India on Pre Budget suggestions 2024-25
Industry body suggests ease of doing business and request for reduction in rates of taxation for individuals and Limited Liability Partnership Concerns
PHDCCI in its interaction with Revenue Secretary and officials of Department of Revenue submitted suggestions related to enhancing ease of doing business, reduction of pre-deposit amount while filing appeal to Appellate Authority/ Tribunal, modification in filing of appeal procedure, modification of formulae for calculating the value of Transfer and Development Right (TDR), exemption of GST on Corporate guarantees, issuance of credit note be permitted under the bad debt and introduction of faceless adjudication on the view of income tax.
In direct tax segment, the suggestions include requests for reduction in rates of taxation for individuals and Limited Liability Partnership Concerns, promotion of electric vehicles by allowing higher depreciation and extending benefits u/s 80 EEB and increasing limits for prosecution in TDS matters to Rs 50 lacs to ensure prosecution only in large and sensitive matters along with reduction in rate of compounding in prosecution matters, among others.
In indirect tax segment, the suggestions include reduction of pre-deposit amount while filing appeal to Appellate Authority/ Tribunal U/s 107 & 112 of CGST Act 2017, modification in filing of appeal procedure U/s 129/130 dealing with detention seizure and release of goods and conveyance in transit and confiscation of goods or conveyance and levy of penalty, and exempt GST on corporate guarantee, among others.
The delegation, comprising Mr. Hemant Jain, Senior Vice President, Mr. Ashok Kumar Batra, Chair, Indirect Tax Committee, Mr Mukul Bagla, Chair, Direct Tax Committee, Dr Ranjeet Mehta, Executive Director, Dr. S P Sharma, Chief Economist | Deputy Secretary General, Ms. Babeeta Sharma, Senior Secretary and Mr. Nanda Mishra, Joint Secretary, PHDCCI, presented the Pre Budget Memorandum to the Department of Revenue, Ministry of Finance, Government of India.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry