Confederation of Indian Industry (CII) To boost consumption, CII has advocated giving tax relief to the common people and increasing the daily wages under MNREGA. CII has said that individuals with annual income up to Rs 20 lakh should be given marginal tax relief. The industry body has also appealed to provide more assistance under the PM Kisan Yojana. In his memorandum to Revenue Secretary Sanjay Malhotra before the budget, CII President Sanjeev Puri has suggested reducing excise duty on petrol and diesel, rationalizing capital gains tax and maintaining corporate tax at the current level.
The budget will be presented in Parliament next month
CII also suggested that the government could use a part of the Reserve Bank’s dividend of Rs 2.11 lakh crore to increase capital expenditure by 25 per cent in FY 2024-25. CII said this would help maintain the level of public capital expenditure and encourage private investment. Finance Minister Nirmala Sitharaman will present the budget in Parliament next month. CII said that in the upcoming budget, individuals with taxable income up to Rs 20 lakh may be given minor relief in income tax. This will boost consumption demand.
There is also a demand to increase the amount of PM Kisan
CII also suggested that the minimum wage under MNREGA can be revised from Rs 267 per day to Rs 375. The Expert Committee on Fixing National Minimum Wages has also suggested doing so. Apart from this, it has also been suggested to increase the direct benefit transfer amount under PM Kisan from Rs 6,000 per year to Rs 8,000 per year. An appeal has also been made to rationalize the capital gains tax.
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