DPIIT Seeks Suggestions from Industry Associations on Indirect Taxes and Inverted Duty Structure in Union Budget 2025-26

New Delhi, Sep 24 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) has officially commenced its annual process to formulate proposals for the upcoming Union Budget 2025-26.

Stakeholders are encouraged to provide inputs related to specific HSN codes to enhance the growth and development of domestic manufacturing in India.

These submissions should adhere to the format outlined, ensuring a streamlined approach to gathering valuable insights. The format link can be accessed here.

Proposals must be submitted to the DPIIT by October 10, 2024, in soft copy format to the designated email addresses: tfpd-oea@gov.in and grishma.goyal@gov.in.

The DPIIT highlights the significance of stakeholder consultations, engaging with officials from relevant divisions and industry associations to finalise proposals for submission to the Ministry of Finance.

The Office of the Economic Adviser plays a crucial role in this exercise, closely examining the implications of indirect taxes and the existing inverted duty structure, which can hinder the competitiveness of local industries.

This initiative is a critical step in shaping India’s economic landscape, addressing key issues such as indirect taxes, the inverted duty structure, and various policy matters.

This opportunity allows stakeholders to directly present their concerns and issues to the government for consideration and action.

The collaborative efforts of various stakeholders will be vital in crafting effective budgetary proposals that align with the government's objectives.

(KNN Bureau)