BENGALURU: The trade and services sector representatives in their pre-budget meeting with finance minister Nirmala Sitharaman have demanded an increase in personal tax exemption, deduction thresholds and some measures to boost export sector.
The trade and service sector industry has also made recommendations with regards to ease of business like linking PAN and TAN to enable smoothness reconciliation, reducing compliance burden with regard to the maintaining and issuing of TDS/TCS certificates.
The PHD chambers of commerce and industries sought tax rebate benefits on long-term durables/real assets to give impetus to demand in the economy. Vivek Jalan, Chairman - fiscal and taxation affairs committee, The Bengal Chamber of Commerce, said, “There is a big confusion on GST impact on commercial credit notes due to ‘post-sale discount’ wherein the field officers are asking for GST from the recipients of the commercial credit notes. This requires clarification from the CBIC.”
Also, for the adoption of green energy, the representatives asked for a special committee to discuss innovative ways of financing to offset the long incubation period. Taxes on biofuels should be nil, they demanded. He also demanded clear-cut guidelines related to conducting an inspection, search, and seizure under GST, particularly for established taxpayers.
He made a case for increasing the deduction limit and extending the limit for personal tax exemption. In addition, The Federation of Indian Export Organisations (FIEO) suggested the creation of a fund and availability of credit at affordable rates.