CII TAXATION REFORMS
Amnesty Scheme for Customs, easier tax compliance on India Inc's Budget wishlist
Indian industry bodies have submitted their wishlist for the upcoming budget, calling for an amnesty scheme for customs, tax cuts for individuals and LLPs, and streamlined tax compliance processes. They also urged the government to expedite faceless appeals, establish a dedicated dispute resolution system, and boost infrastructure spending.
How about government giving 'consumption vouchers' to boost Indian economy?
CII proposes consumption vouchers for low-income citizens to boost demand. The vouchers can be used for specific goods and services. CII also recommends a 40% hike in MGNREGA wages and a 33% increase for PM-KISAN beneficiaries. Tax reforms and increased capex are also part of the suggestions. CII suggests a three-slab GST structure and faster dispute resolution.
Tax reforms, simpler customs procedure top Budget wishlist
Indian industry bodies met with revenue secretary Sanjay Malhotra. They presented their tax proposals for the upcoming budget. The Federation of Indian Chambers of Commerce and Industry (FICCI) proposed comprehensive tax reforms. The Confederation of Indian Industries (CII) suggested simplifying the goods and services tax (GST) regime.
CII pitches for further reform in taxation system, sustaining capex in FY25 Budget
The Confederation of Indian Industry (CII) has recommended a 25% increase in capital expenditure for the 2025-26 budget, focusing on rural infrastructure, agriculture, and social sectors. They emphasized the need for tax reforms, including simplification and broadening the tax base, to enhance India's global competitiveness.
Schemes announced in Budget to provide further impetus to the economy: Sanjiv Puri
Capital will go to places where it can thrive and multiply, so where business models are strong, where the enterprises are competitive, where value is getting created, I think capital will certainly flow there. So, I do not really think it is much of an issue.
Must evolve to eased, 3-tier GST rate format: CII Prez Sanjiv Puri
India needs to transition towards a three-tier rate structure in goods and services tax over time, according to Confederation of Indian Industry president Sanjiv Puri. Puri suggests creating a GST Council-like structure for pushing reforms, some of which are in states' domain. India's economy is doing well in a stressed global environment due to policy instruments deployed by the government over the past years.
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Advocating for a change: IHCL's Puneet Chhatwal pushes for 'industry' status in the hospitality sector
IHCL's MD & CEO Puneet Chhatwal emphasised the need for granting industry status to the hospitality sector. Chhatwal highlighted the longstanding issue of being taxed as a luxury, with the sector facing the highest tax rates and limited exemptions. He expressed that this change is not only crucial for IHCL but for the entire industry.
Pause in interest rate hikes may spur private investment: Sanjiv Bajaj, president, CII
Bajaj urged the government to continue to focus on enhancing the ease of doing business and reducing associated costs. To push reforms in areas such as land, labour, and power where both Centre and states have jurisdictions, a structure like the Goods and Services Tax Council can play an important role, he said.
Reform, economic growth focus to boost FDI opportunities to $475 bn in 5 years: EY-CII report
As per the survey, the optimism is driven by both short-term prospects, where a majority of MNCs feel that the Indian economy will perform significantly better in 3-5 years. "India's reforms focus and economic growth gives rise to FDI opportunity of USD 475 billion in the next five years," the EY-CII report said.
CII president Sanjiv Bajaj for GST Council-like bodies for energy, labour
In an interview with ET, Bajaj also pitched for a cut in taxes on petroleum products to cool down inflation, saying the measure will dent government finances in the short term but can help the economy in the long term, and said the Reserve Bank of India (RBI) should take a calibrated approach while raising rates.
Need to reduce taxes on oil in collaborative manner: CII President
"Very clearly one of our prime constituents of inflation is oil. We've seen the rise on the ground of oil prices resulting in petrol prices. We've seen the impact on inflation and this needs to be urgently addressed," he said.
Vaccine access for all key to global recovery, FM Nirmala Sitharaman tells G20 peers
Speaking at the G20 Finance Ministers and Central Bank Governors Meeting in Washington, Sitharaman batted for bringing equity in vaccine access and keeping up the support, building resilience, enhancing productivity and structural reforms in policy goals, an official statement said.
Several opportunities for British businesses in India: Foreign Secretary Harsh Vardhan Shringla
According to the Foreign Secretary, major reforms have been carried out in India in areas such as infrastructure, taxation, Aadhar, mobile connectivity, agriculture and the JAM trinity among others. This has led to India becoming one of the leading destinations for foreign investments in the world.
PM Modi launches 'Transparent Taxation' portal, a new faceless tax system
Faceless assessment and taxpayers¡¯ charter will begin from August 13, while faceless appeal will begin from September 25 for all Indian citizens.
Package to unleash economic growth, drive post pandemic recovery: India Inc
Industry bodies said the Make In India flagship will emerge as a key catalyst for attracting new investment, driven by much needed bold reforms in the areas of land, labour and liquidity.
View: Govt must implement a reform agenda in mining sector to realise its full potential
The mining sector in India is highly underdeveloped relative to its enormous potential.
Improvement in ease of doing biz ranking outcome of Modi govt's reforms: India Inc
Industry bodies exuded confidence that India will climb the rankings further to be among the top 50 nations on the World Bank's 'Doing Business' 2020 report, as envisioned by the Prime Minister.
India, UK set up 3 new bilateral trade working groups
The three new business-led working groups will be run by the UK India Business Council (UKIBC) alongside CII and FICCI.
Time to implement GST 2.0: India Inc
Batting for a single registration process pan-India, CII said building on the milestones of the past two years, it is time to implement GST 2.0.
Bring down corporate tax, simplify taxation, revive infra investment: Industry to FM
CII President suggested that a simplified taxation regime is pivotal for improving the revenue flows and help government stick to fiscal prudence without crowding-out private investments.
GST is India's new tryst with destiny: CII President, Shobana Kamineni
Touted as the biggest taxation reform since Independence, GST, set to come into effect from July 1, will unify 16 different taxes including excise, service tax etc,.
Parliament passes amendment Bill for GST; shifts reform to states who need to pass it
The government wants to implement this tax, which will replace as many as 17 indirect taxes levied by states and the Centre, from April 1, 2017.
Politics should not come in the way of development: CII President Sumit Mazumder
Investors are worried because of the deadlock in Parliament and if this has to be the state of the country, one has to worry, CII President Sumit Mazumder tells ET.
OECD reforms to end tax avoidance era for corporates, says CBDT Chief Anita Kapur
"In India, when the tax administration, we used to say please pay your taxes because you have added value in India, we were a minority voice."
Finance Minister Arun Jaitley promises ease of doing business, tax reforms at G20
Promising a rational tax regime and easier business environment, FM Arun Jaitley today asked Turkish industry leaders to invest in India.
Budget 2015: CII seeks tax reforms for investment trusts
"AIFs, Securitisation Trusts and ARC Trusts are pools of long term capital and at the core of the solution for providing investment funds to the economy.
India needs stable tax environment to attract investments: CII
"Our country needs a tax system which is simple, broad- based, less litigious and transparent and ensures international competitiveness," CII said.
CII hopes political developments won't overshadow GST progress
CII today expressed the hope that political developments will not overshadow progress made towards implementation of the proposed Goods and Service Tax.
India invites investment from Japan in infra, electronics
India sought investment from Japan in sectors like infrastructure and electronic hardware to enhance trade relations between the countries.
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