To tone up the Indian economy which was adversely affected by the pandemic, Finance Minister Nirmala Sitharaman has asked for suggestions regarding taxation and trade bodies for Budget 2022-23.
Government invites suggestions for changes in the duty structure, rates, and broadening of the tax base on both direct and indirect taxes, with economic justification. Everyone is requested to send the suggestions by November 15, 2021.
Ministry said, "Your suggestions and views may be supplemented and justified by relevant statistical information about production, prices, revenue implication of the changes suggested and any other information to support your proposal.”
The suggestions should be detailed, with adequate justification or statistics, so that they can be examined.
On February 1 of the following year, the Budget 2022-23 is expected to be presented to Parliament. It will be Finance Minister Nirmala Sitharaman's fourth budget as part of the Modi 2.0 government.
The budget for the coming year is expected to address critical issues such as demand generation, job creation, and maintaining an annual growth rate of 8% or higher. The ministry also requested ideas for lowering compliance costs, increasing tax certainty, and reducing litigation. It has been clarified, however, that issues relating to goods and services tax (GST) are not examined as part of the budget because they are decided by the GST Council.