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Budget 2025: CII, FICCI, ASSOCHAM and PHDCCI, have put forth detailed suggestions concerning the Budget
Union Finance Minister Nirmala Sitharaman showcases a pill wrapped in a pink pouch carrying the Budget paperwork, outdoors the Finance Ministry. (File photograph/PTI)
Budget 2025 Expectations: An amnesty scheme for customs, discount in tax charges for people and Limited Liability Partnership corporations, simpler tax compliance, quick monitoring of faceless appeals and a devoted dispute decision mechanism prime India Inc’s wishlist for the following Budget submitted to the federal government.
Industry Bodies Submit Budget Recommendations for 2025
Representatives from all 4 key trade our bodies, CII, FICCI, ASSOCHAM and PHDCCI, have put forth detailed suggestions concerning the Budget, to be introduced on February 1, 2025, in separate conferences held with prime Finance Ministry officers.
FICCI’s Recommendations for an Amnesty Scheme Under Customs
Industry physique FICCI sought the introduction of an “Amnesty Scheme underneath Customs” as a one-time settlement scheme to clear past dues, arguing that it will help the industry to reduce the baggage of litigation.
CII’s Focus on Tax System Reforms
CII also made a strong pitch for further reforms in the tax system, including through simplification of taxes, increasing India’s tax competitiveness, broadening of tax base and reducing tax litigation to build a globally competitive Indian economy.
ASSOCHAM’s Push for a Tax Amnesty Scheme
Similarly, Assocham has also pitched for the introduction of a comprehensive Tax Amnesty Scheme under Customs.
“A one-time settlement scheme to clear past litigations can be considered by the Government, on the lines similar to Sabka Vishwas Legacy Dispute Resolution Scheme, 2019 for pre-GST era indirect taxes and Vivad Se Vishwas for Income tax,” Assocham said.
It recommended that the Government can present reduction to importers towards all of the disputes associated to the Customs Act; Partial waiver of the responsibility in dispute relying on the quantum concerned; and Complete waiver of curiosity and penalty.
Simplified Compliance and Dispute Resolution Mechanisms
Industry chambers have additionally demanded simplified compliance regarding TDS (tax deducted at supply) and the introduction of a brand new impartial Dispute Resolution discussion board for efficient and time-bound dispute decision.
FICCI’s Proposal to Support Women-Led Development
To improve women-led improvement, FICCI urged the federal government to exempt reimbursement of daycare bills from perquisite taxation.
PHDCCI’s Suggestions on Tax Rates and MSME Support
PHDCCI submitted recommendations associated to a discount in charges of taxation for Individuals and Limited Liability Partnership corporations, quick monitoring of faceless appeals by introducing a statutory interval; enhance within the restrict of presumptive tax scheme for professionals; enlargement of the PLI scheme past the 14 sectors; change in classification norms of MSMEs for NPAs and curiosity equalization scheme on pre and submit cargo export credit score for MSMEs companies exports.
PHDCCI’s Projections for Union Budget 2025-26
“PHDCCI expects a major enhance within the measurement of Union Budget from Rs 48.2 lakh crore for the yr 2024-25 to greater than Rs 51 lakh crore for the yr 2025-26 and continued capital expenditure enlargement from Rs 11.11 lakh crore for the yr 2024-25 to greater than Rs 13 lakh crore for the yr 2025-26,” said Hemant Jain, President, PHDCCI.
ASSOCHAM’s Call for TDS Decriminalization
Moreover, Assocham sought decriminalisation of certain TDS defaults under Section 276B which provides for imprisonment for up to seven years if a person fails to comply with certain tax deduction at source (TDS) provisions.
“The Government should consider amending this to exclude from its ambit any failure to pay tax or ensure payment of tax required,” Assocham mentioned.
The chamber argued that Criminal proceedings ought to apply solely when the taxpayer has enriched himself on the expense of the federal government, and to not instances the place sure funds / advantages are made or offered with out making use of TDS. Normal penalty and curiosity penalties can proceed to use.
CII’s Call for Increased Capex in Infrastructure and Social Sectors
Besides, CII referred to as upon the federal government to extend the capex by 25 per cent over 2024-25 (BE) with a pointy give attention to infrastructure associated to rural areas, agriculture, and the social sector.
Budget 2025 Date India
The Budget for 2025-26 is ready to be introduced on February 1, 2025.
