Quick Summary
The Ministry of Finance, Department of Revenue, Tax Research Unit has taken a proactive step towards inclusive policy-making by inviting suggestions from Industry and Trade Associations for the upcoming Budget 2024-25. The official communication, referenced as F. No.334/1/2024-TRU, was issued on June 12, 2024. In the context of formulating the proposals for the Union Budget of 2024-25, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may
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FAQ :
The Ministry of Finance is inviting suggestions from industry and trade associations to help formulate proposals for the Union Budget 2024-25, specifically regarding tax changes.
Suggestions are requested for changes in duty structure, tax rates, and broadening the tax base for both direct and indirect taxes, along with economic justifications and supporting statistical information.
The deadline for submitting suggestions and views to the Ministry of Finance is June 17, 2024.
No, GST-related requests are not examined as part of the Annual Budget process.
Suggestions should be emailed as Word documents. Indirect tax suggestions (Customs and Central Excise outside GST) go to budget-cbec@nic.in, and Direct Tax suggestions go to ustpl3@nic.in. Hard copies can also be sent to specific Joint Secretaries.
Suggestions should be supported by economic justification, relevant statistical information about production, prices, revenue implications, and any other supporting data. For inverted duty structure corrections, value addition at each manufacturing stage must be provided.
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