Quick Summary
Tax exemptions for the middle class, reduction in excise duties on petrol and diesel, and an increased focus on public capital expenditure (capex) emerged as key suggestions during Pre-Budget discussions held on Monday. Finance Minister Nirmala Sitharaman, along with top government officials, engaged with industry representatives in the fifth round of consultations for the Union Budget 2024-25. The meeting emphasized employment generation, boosting consumption, and implementing factor market re
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FAQ :
Industry representatives proposed increasing disposable income for individuals earning up to ₹20 lakh annually through tax exemptions.
Yes, a reduction in excise duties on petrol and diesel was suggested to ease the financial burden on consumers and businesses.
Ficci proposed a 15% increase in public capex for FY26 over FY25, focusing on physical, social, and digital infrastructure.
Suggestions included rationalising TDS and TCS rates into a simplified structure and extending presumptive taxation to new sectors.
Proposals included developing integrated infrastructure townships for MSMEs with research centres and housing, and simplifying tax compliance through presumptive taxation.
The industry stressed the need for an enabling policy framework to direct resources towards green and transition areas, supporting India's 'net zero' goal by 2070.
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