Suggestions from the Industry and Trade Associations for Budget 2017-18 regarding changes in direct and indirect taxes - Customs - Instruction F. No. 334/12/2016-TRU

Instruction F. No. 334/12/2016-TRU Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi, dated 6-10-2016 Subject : Suggestions from the Industry and Trade Associations for Budget 2017-18 regarding changes in direct and indirect taxes. In the context of formulating the proposals for the Union Budget of 2017-18, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same. 2. 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 request for correction of inverted duty structure, if any for a commodity, should necessarily be supported by value addition at each stage of manufacturing of the commodity. It would not be feasible to examine suggestions that are either not clearly explained or which are not supported by adequate justification/statistics. Further, as regards direct taxes, while forwarding your proposals, please take into consideration the Budget announcement made in Union Budget 2015-16 to reduce the rate of Corporate Tax from 30% to 25% over the next 4 years along with rationalization and removal of various kinds of tax exemptions and incentives and the plan of phasing out exemptions and tax incentives laid before the Parliament with the Union Budget 2016-17. The Synopsis of your suggestions could be given in the following format : Sr. No. Issue Justification 2.1 Further, in respect of proposals relating to changes in Customs and Central Excise duty rates, the additional information as prescribed in the Annexure enclosed herewith, may be provided. 3. Your suggestions and views may be emailed, as word document in the form of separate attachments, in respect of Indirect Taxes (Customs, Central Excise and Service Tax) to [email protected] and Direct Tax to [email protected]. Hard copies of the pre-Budget proposals/suggestions relating to Customs Central Excise may be sent to Shri Alok Shukla, Joint Secretary (TRU-I), and Service Tax to Shri Amitabh Kumar, Joint Secretary (TRU-II), CBEC, while the suggestions relating to Direct Taxes may be sent to Shri Rasmi Ranjan Das, Joint Secretary, Tax Policy and Legislation (TPL-I), CBDT. It would be appreciated if your views and suggestions reach us by the 18th October, 2016. Yours sincerely, (Abhishek Verma) Budget Officer (TRU) Annexure S. No. HS Co-de Descri-ption of the Product Quan-tum of Impor-ts 2014-15 and 2015-16 CIF value of imports 2014-15 and 2015-16 Quantum of domestic production 2014-15 and 2015-16 Value of dom-estic product-ion 2014-15 and 2015-16 Unit Price (CIF) Exist-ing Duty Prop-osed Duty Reve-nue impl-ycat-ion of the prop-osal Implicat-ions of the proposal for the domestic industry