Ref: MR/CIR/ 1730 2nd May, 2019
To: Members of the Council
Dear Sir/Madam,
Sub: Suggestions from the Industry and Trade Associations for Budget 2019-20 regarding changes in direct and indirect taxes
The Council has received a communication from the Department of Revenue, Tax Research Unit, Ministry of Finance, GOI regarding suggestions for Budget 2019-20 regarding changes in direct and indirect taxes.
Since, the Government is formulating proposals for the Union Budget of 2019-20, the Ministry of Finance has requested for the suggestions and views of the Member-Exporters.
The Member-exporters of this Council are, therefore, requested to provide statistical information about production, prices, revenue implications of changes and any other information to support the proposals. The request for correction of inverted duty structure, if any, for commodity, should necessarily be supported by value addition at each stage of the manufacturing of the commodity.
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%, along with rationalization and removal of various kinds of tax exemption and incentives and the plan of phasing out exemption and tax incentives laid before the Parliament with Union Budget 2016-17.
(i) The Synopsis of your suggestions should be given in the following format:
|
S. No. |
Issue |
Justification |
(ii) Suggestions related to Customs and Central Excise should be forwarded in the following Proforma:
|
S No. |
Request |
Existing rate of duty |
Requested rate of duty |
Justification |
|
|
|
|
|
|
(iii) Besides, the additional information as prescribed in the following format should be provided:
|
Sl No |
HS Code |
Description of the Product |
Quantum of imports 2016-17 and 2017-18 |
CIF value of imports 2016-17 and 2017-18 |
Value of domestic production 2016-17 and 2017-18 |
Unit Price (CIF) |
Existing Duty |
Proposed Duty |
Revenue Implication of the proposal |
Implications of the proposal for the domestic industry |
The desired information as mentioned above should be sent on or before 6th May, 2019 (Monday) to the Council at mr@srtepc.in and ed@srtepc.in to enable the Council send a suitable representation to the Department of Finance, GOI.
Thanking you,
Yours faithfully,
S. BALARAJU
EXECUTIVE DIRECTOR
