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The Ministry of Finance has invited suggestions from trade and industry bodies regarding tax rate changes, duty structure revisions and measures to simplify compliance for consideration in the upcoming Union Budget 2026-27, which will be presented on February 1, 2026. In its customary pre-Budget ex
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FAQ :
The Ministry is inviting suggestions on tax rate changes, duty structure revisions, and measures to simplify tax compliance.
Detailed proposals are requested by November 10, 2025.
Suggestions should be supplemented with clear economic justification, supporting data, statistical analysis, and information on revenue implications.
The government aims to phase out tax exemptions, deductions, and incentives, while rationalising tax rates for a simpler and more transparent tax regime.
Inputs are invited on correcting the inverted duty structure, where tax rates on inputs are higher than on finished goods.
This collaborative approach aims to align tax policies with business realities, global trade dynamics, and the goal of boosting 'Viksit Bharat @2047'.
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