A recent report by Business Standard highlights these
developments, emphasizing the government's commitment to improving the business
environment and boosting economic growth by simplifying tax compliance and
making the tax system more efficient.
The Finance Ministry has invited sugges- production, prices, and
revenue implications on direct and indirect taxes and tion of the changes
suggested. changes in laws to reduce compliances for
The request for correction of inverted the 2024-25 Budget from
trade and indus- duty structure would have to be supported try associations.by
value addition at each stage of manufacturing.
The suggestions are to be sent to the facturing of the commodity ministry
by June 17 and the full Budget for With regard to direct taxes, the ministry
2024-25 is expected to be presented in said the suggestions could
be also on Parliament in the second of July.reducing compliances, providing tax
The suggestions could include changes tainty and reducing
litigations. in the duty structure, rates and ideas
It said the government policy broadening of tax base on both
direct and in the medium term is to phase indirect taxes giving economic
justification out tax incentives, deductions and exemp-for the same, according
to the ministry, while simultaneously rationalising
For changes in customs and excise rates of tax.