Finmin seeks industry inputs on tax rates, exemptions ahead of Budget

Ahead of the Union Budget, the Finance Ministry has emphasised that tax exemptions will be phased out and tax rates would be rationalised in the medium term. The ministry has sought suggestions from , asking them to submit their recommendations by November 15 on policy changes in both indirect and direct taxes by giving economic justification.
“Send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same,” the ministry’s revenue department said in a letter to the Trade and Industries Association. The Union Budget for Financial Year 2023 is expected to be presented on February 1.