Tax reforms, simpler customs procedure top Budget wishlist
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Industry bodies met revenue secretary Sanjay Malhotra on Thursday to outline their tax proposals.
They included the Confederation of Indian Industries (CII), Federation of Indian chambers of commerce and industry (FICCI) and PHD chambers of commerce and Industry (PHDCCI). The meeting was part of the government's customary pre-budget consultations for the upcoming budget.
FICCI sought comprehensive tax reforms and simplification of compliance to enhance ease of doing business, relaxed tax deducted at source (TDS) provisions, rationalisation of capital gains tax regime, streamlining of customs procedures and a dedicated dispute resolution mechanism.
The CII suggested further reforming the goods and services tax (GST) regime by introducing GST 2.0 and moving to a three-rate structure. It also called for further simplification of compliances and covering all expenses under the input tax credit chain.
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