Budget 2024 Expectation: From tax cuts to fee structure, what is the industry’s demand from the Finance Minister

Budget 2024 Expectations:To boost the economy, representatives of various industries on Tuesday urged Finance Minister Nirmala Sitharaman to reduce the burden of indirect taxes and rationalize the duty structure if necessary. The pre-budget consultation meeting of representatives of various sectors of the industry with the Finance Minister lasted for about two hours. In this, the representatives demanded the government to make necessary provisions in the budget regarding their respective industries.

Appeal to extend the interest equalization scheme for the next 5 years

Ashwani Kumar, President of the exporters’ organization FIEO, also requested the Finance Minister to extend the interest equalization scheme for the next 5 years. This scheme is valid till June 30, 2024. Ashwani Kumar said that we request to extend this scheme for five years. Interest rates have increased due to the repo rate increasing from 4.4 percent to 6.5 percent in the last two years. In such a situation, discount rates can be restored from 3 percent to 5 percent for manufacturers in the MSME sector. FIEO President Ashwani Kumar also urged the establishment of a globally renowned Indian shipping line to reduce dependence on foreign cargo and save foreign exchange.

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demand for tax cut

After attending the meeting, Reliance Industries’ petrochemical-industry head Ajay Sardana said that there is a need to review the duty on goods imported from China related to the petrochemical industry. HeHe said, “China has built up a lot of capacity. It is bringing all the products to India at very cheap prices and a lot of dumping is happening. In such a situation, we have requested a review of the duty system so that domestic capacity can be increased.

Shri Cement Chairman H M Bangar said the government should spend more on capital expenditure so that the cement industry benefits. He said, “We sought environmental clearance quickly and simultaneously and did not let any hindrance come in the way of capital expenditure.” Representing the service sector, Ashish Agarwal, vice-president and public policy head of NASSCOM, an organization of software companies, said, “We are hoping to simplify the transfer pricing system as many of our industries are not able to benefit from its provision.” He said, “We have also suggested strengthening the advance pricing agreement system to promote ease of doing business.”

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“We represented small and medium industries. The 45-day payment window is positive, but we have sought some relaxation in the time cycle,” said Sandeep Engineer, vice-president of Gujarat Chamber of Commerce and Industry. He also raised the issue of changing the definition of MSME units and rationalising taxes for limited liability partnerships (LLPs) and high net worth individuals (HNIs) in the meeting with the finance minister.