Despite being in the midst of the ongoing seven-phased general elections, the Union Ministry of Finance is chalking out the blueprint for presenting the full Budget 2019-20 in July.
For initiating the same, the Ministry has sent out communications across industry bodies and other stakeholders asking for their suggestions on direct and indirect taxes related to various sectors.
Several industry experts opine that they expect changes in terms of custom rates and direct taxes as the Goods and Services Tax (GST) has removed most indirect taxes from the purview of the Budget.
The Finance Ministry has invited industry comments from by May 10, 2019.
Reportedly, industry bodies like FICCI, CII and Assocham are currently compiling the suggestions received from their members before submitting them to the Ministry.
In a written communication to its members, industry body FICCI advised the entity to incorporate recommendations with regard to alterations in the structure of duties and taxes – for both direct taxes, and customs duties – with proper economic justification.
“As regards indirect taxes, proposals may be given suggesting modifications in the rates of duties with proper justification and relevant statistical information about the production, imports, prices of the item involved and revenue implications of the changes suggested,” said FICCI.