In the context of formulating the proposals for the Union Budget of 2017-18, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same.

2. Your 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 your 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 suggest ions that are either not clearly explained or which are not supported by adequate justification I statistics. Further, as regards direct taxes, while forwarding your proposals, please take into consideration the Budget announcement made in Union Budget 2015-16 to reduce the rate of Corporate Tax from 30% to 25% over the next 4 years along with rationalization and removal of various kinds of tax exempt ions and incentives and the plan of phasing out exemptions and tax incentives laid before the Parliament with the Union Budget 2016-17. The Synopsis of your suggestions could be given in the following format:

Sr. No.

Issue

Justification

 

 

 

2.1 Further,  in  respect  of  proposals  relating  to  changes  in  Customs  and  Central  excise  duty  rates,  the  additional information as prescribed in the Annexure enclosed herewith , may be provided.

3. Your suggestions and views may be emailed, as word document in the form of separate attachments, in respect of Indirect Taxes (Customs, Central Excise and Service Tax) to budget-cbec @in and Direct Tax to ustpl3 @nic.in. Hard copies of the Pre-Budget proposals/ suggestions relating to Customs & Central Excise may be sent to Shri Alok Shukla, Joint Secretary (TRU-1), and Service Tax to Shri Amitabh Kumar , Joint Secretary (TRU-ll), CBEC, while the suggestions re lating to Direct Taxes may be sent to Shri Rasmi Ranjan Das, Joint Secretary, Tax Policy and Legislation (TPL-1), CBDT . It would be appreciated if your views and suggestions reach us by the 18th October, 20 16.

Yours faithfully

(Abhishek Verma)

Budget Officer (TRU)
Tel: 011-2309 5543

F.No.334/12/2016-TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit

Room No. 146G, North Block
New Delhi, dated the 6th October, 2016

If you like my article, please share this on :


Search Professional Post Query Post Assignment Read More Articles

In case of business query on above subject, comment here or contact One Roof Consultant




article author

One Roof Consultant

Tax Expert
Tax solutions provider , One Roof Consultant



CHECKOUT TRENDING ARTICLES


  • How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2016-17

  • Do not wait till 31st July to file your Income Tax Return – Keep Ready 9 documents to file before due date

  • Missed to Submit HRA declaration to Employer? You can claim HRA at the time of Filing Returns and get Refund from Income Tax

  • Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

  • How to Pay Zero Tax for Business Receipts -Turnover of Rs 1 Crore

  • How to Pay Zero Tax for Professionals (CA, CS, Lawyers, Doctors, etc) earning Income of Rs 16 Lakhs

  • Why you should file Income Tax Return? Benefits of Filing Income Tax Returns

  • How to save Rs 10 crore as retirement corpus

  • Having Turnover of Less than 10 Lakhs? How to File NIL Service Tax return with Circular No 033/2012

  • Starting a New Business or Profession? Compare Structure and type of Entity– Sole, Partnership, LLP or Company

  • Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2016-17 AY 2017-18

  • Exemption for Capital Gain Arising on Transfer of Resident House Property

  • WILL- Important points, Tax Advantages of will and Format of WILL

  • Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2016-17 AY 2017-18

  • Exemption for Capital Gain Arising on Transfer of Resident House Property

  • WILL- Important points, Tax Advantages of will and Format of WILL

  • Senior Citizens Tax Benefits in Income Tax Act - Filing, exemptions, advance tax and other benefits

  • Registration process for Trade Mark


  • GET FREE ARTICLE UPDATES VIA EMAIL

    Always stay updated with latest information on expertmile

    I hope by reading this article you got enlighten on ,Suggestions from the Industry and Trade Associations for Budget 2017-18 regarding changes in direct and indirect taxes.Taxability of Income earned from Business carried before Incorporation ?, Profit made before incorporation can be taxed on company ?, CIT v. CITY MILLS Distributors (p) Ltd. (1996) SC, further to mention before taken any financial decision based on this content it is prefered to take an expert opinion as matter can be subjective.