Industry body Confederation of Indian Industry on Thursday participated in pre-Budget discussions with the central government's revenue secretary. CII President Sanviv Puri said that a number of important macroeconomic aspects were discussed during the consultations with the revenue secretary, including ways to foster more investments in the economy, exports and consumption. 

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Puri also said that a number of challenges related to agriculture in the country were also discussed. 

The industry body suggested a relief for individual income tax assessees falling ni the lower income group, Puri said. 

CII expects the country's GDP to expand 7.5 per cent in the current financial year, which ends on March 31, 70 basis points (bps) lower than the previous year. 

According to the industry body, the strong growth momentum seen in FY24 is expected to continue in FY25 as well, buttressed by improvement in domestic demand drivers, normal monsoon, improvement in external demand and policy continuity. 

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Among a string of suggestions made to the government, CII has suggested that the Income Tax Department share a Draft Bill or suggestions of the committee for stakeholders’ comments before bringing out the ‘simplification amendments’ in the Finance Bill.

While praising the government for undertaking the exercise of reviewing the income tax law for simplification, CII shared its suggestions in four categories: 

  • Simplification of language
  • Litigation reduction
  • Removal of redundant/obsolete provisions
  • Compliance reduction
  • "We understand that the committee formed to review the direct tax law with the above objectives in mind is actively working on the suggestions," CII wrote in a presentation.

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The next Budget will mark the first by the Narendra Modi 3.0 government, which began its third consecutive term in July this year.