Suggestions for Pre-Budget Proposals 2020–-21 regarding changes in direct and indirect taxes

Circular No. ES/190/2019-20                                                         18th November, 2019

URGENT & IMPORTANT

To: Members of the Council

Sub: Suggestions for Pre-Budget Proposals 2020–-21 regarding changes in direct and indirect taxes

Dear Member,

As the Pre-Budget exercise for the next Financial Year i.e. 2020-21 has been initiated by the Government of India, we would like to inform you that the Council has received a communication from the Ministry of Finance seeking suggestions for Pre-Budget Proposals 2020–-21.

In this regard, we seek your suggestions regarding changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same for inclusion in the Pre-Budget Memorandum 2020–21.

Please make a note of the following:

  1. Your suggestions/ 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.

  1. 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.

  1. With regard to direct taxes, please take into consideration the recent initiatives of the Government to reduce corporate tax rates applicable to domestic companies.

  1. The suggestions may be sent in the below format:

Sr. No.

Issue

Justification

1

 

 

2

 

 

  1. Since the GST related requests would not be examined as part of Annual Budget, suggestions related to Customs and Central Excise may be forwarded in the following format:

Sr. No.

Request

Existing rate of duty

Requested rate of duty

Justification

1

 

 

 

 

2

 

 

 

 

  1. In case you wish to give additional relevant information, you may do so by giving the same in the  format which is as follows:

S.

No

HS Code

Description of the product

Quantum of imports (2017-18 &

2018-19)

CIF value of imports (2017-18

&

2018-19)

Quantum of domestic production (2017-18

&

2018-19)

Value of domestic production

(2017-18

&

2018-19)

Unit Price (CIF)

Existing Duty

Proposed Duty

Revenue implication of the proposal

Implications of the proposal for the domestic industry

1

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

Members are requested to kindly send us your suggestions/ views as word document in the form of separate attachments in respect of Indirect Taxes (Customs and Central Excise (for commodities outside GST) and Direct Taxes as per the format latest by 20th November, 2019 to ed@srtepc.in/ es@srtepc.in for enabling us to send the same to the concerned departments. 

Members may kindly make a note of the above and do the needful at the earliest.

Thanking you,

Yours faithfully,

S. BALARAJU
EXECUTIVE DIRECTOR

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