|
Industry body PHDCCI on Wednesday presented a pre-budget memorandum to Ministry of Finance, aligning with Viksit Bharat, Ease of Doing Business and Make in India Vision. It proposed growth-oriented tax reforms to boost investment, innovation, and manufacturing competitiveness. A high-level delegation from the PHD Chamber of Commerce and Industry (PHDCCI) presented its Pre-Budget Memorandum to the Department of Revenue, Ministry of Finance, Government of India. PHDCCI's recommendations emphasized creating a growth-enabling, predictable, and innovation-driven tax ecosystem that supports India's transition toward a Viksit Bharat by 2047 and strengthens its position as a global manufacturing and knowledge hub under the Make in India initiative. PHDCCI urged the Government to reintroduce and rationalize key provisions of the Income Tax Act to promote industrial expansion, research, and compliance simplification. On the direct tax front, PHDCCI recommended to restore concessional corporate tax rate for new manufacturing units, a step expected to catalyze fresh domestic and foreign investments and create employment opportunities in high-growth sectors. To enhance tax efficiency and transparency, PHDCCI recommended a more streamlined and predictable personal income tax structure to boost disposable incomes and strengthen household consumption ' a key driver of India's growth momentum. PHDCCI emphasized the need for greater clarity and consistency in tax credit and refund processes to improve liquidity, reduce uncertainty, and support a more efficient flow of working capital across sectors. Under Customs, PHDCCI recommended rationalisation of import duties across sectors such as steel, paper, gold, healthcare, and medtech to align domestic tariff structures with global benchmarks and support value-added manufacturing. Simplified customs procedures were also proposed to reduce transaction costs and improve trade facilitation. Powered by Capital Market - Live News
|