NDA at the center After the formation of the government, preparations for the full budget have begun. In this regard, representatives from the industry to farmers’ organizations are meeting Finance Minister Nirmala Sitharaman and placing their demands. Today, representatives of various industries met the Finance Minister and urged her to reduce the burden of indirect taxes and rationalize the fee structure if necessary. The pre-budget consultation meeting of representatives from various sectors of the industry with the Finance Minister lasted for about two hours. In this, the representatives demanded from the government to make necessary provisions in the budget regarding their respective industries.
Manufacturers in the MSME sector should get exemption
Ashwani Kumar, President of exporters’ organization FIEO, also requested the Finance Minister to extend the interest equalization scheme for the next five years. This scheme is valid till June 30, 2024. Kumar said, “We request to extend this scheme for five years. Interest rates have increased due to the repo rate increasing from 4.4 percent to 6.5 percent in the last two years. In such a situation, discount rates for manufacturers of MSME sector can be restored from three percent to five percent. ” Kumar also urged the establishment of a globally reputed Indian shipping line to reduce dependence on foreign shipping and save foreign currency.
Request for review of fee arrangements
After attending the meeting, Ajay Sardana, head of petrochemical-industry affairs of Reliance Industries, said that there is a need to review the duty on goods imported from China related to the petrochemical industry. Sardana said, “China has built a lot of capacity. It is bringing all the products to India at a very cheap price and a lot of dumping is happening. In such a situation, we have requested a review of the duty system so that domestic capacity can be increased.” Shri Cement Chairman H M Bangar said that the government should spend more on capital expenditure so that the cement industry benefits. He said, “We sought environmental clearance quickly and simultaneously and did not let any hindrance come in the capital expenditure.”
Emphasis on ease of doing business
Ashish Aggarwal, vice-president and public policy head of NASSCOM, an association of software companies representing the services sector, said, “We are hoping to simplify the transfer pricing regime as many of our industries are not able to benefit from its provisions.” He said, “We have also suggested strengthening the advance pricing agreement system to promote ease of doing business.”
Demand to change the definition of MSME units
“We represented small and medium industries. The 45-day payment window is positive, but we have sought some relaxation in the time cycle,” said Sandeep Engineer, vice-president of Gujarat Chamber of Commerce and Industry. He also raised the issue of changing the definition of MSME units and rationalising taxes for limited liability partnerships (LLPs) and high net worth individuals (HNIs) in the meeting with the finance minister.
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