Rationalising income tax, lowering Customs duties among suggestions to Centre

New Delhi: Rationalisation of income tax, fiscal consolidation, lowering of Customs duties, developing a mechanism for green certification to help micro small and medium enterprises (MSMEs) and introduction of an urban employment guarantee programme to boost employment generation in urban areas, are some of the key suggestions which Finance Minister Nirmala Sitharaman received over the past one week from various sections of stakeholders, as part of her pre-budget consultations.

The Finance Minister on Monday, concluded her pre-budget consultations with various stakeholders like economists, industry bodies, social sector organisations, service providers and corporates, financial institutions, farm bodies and finance ministers of states, whom she met over the past one week.

Some other important suggestions which the government received included creation of innovation clusters, introduction of schemes for improving domestic supply chains, reduction of taxes on electric vehicles (EVs) as well as introduction of an EV policy, measures to promote India as a hub for Green Hydrogen, social sector entrepreneurship fund for social impact companies and setting up of a national regulatory authority for water and sanitation, among others.

Union Ministers of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad, finance secretary T.V. Somanathan, economic affairs secretary Ajay Seth and chief economic advisor V. Anantha Nageswaran and other senior officials of the finance ministry were present during these meetings.