Industry urges for tax cuts in Union Budget

New Delhi: In an effort to boost the economy, representatives of various industries on Tuesday urged Finance Minister Nirmala Sitharaman to reduce the incidence of indirect taxes and rationalise duty structure wherever required.

In a pre-budget meeting with Finance Minister Nirmala Sitharaman, FIEO president Ashwani Kumar made a case for an extension of the Interest Equalisation Scheme for the next five years. “We request the scheme which is valid till June 30, 2024, may be extended for a period of 5 years. Looking into the rise in interest rates consequent to the increase in Repo rate from 4.4 per cent to 6.5 per cent in the last 2 years, the subvention rates may be restored back from 3 per cent to 5 per cent for manufacturers in MSMEs,” Kumar said.

Kumar also urged for the establishment of an Indian shipping line of global repute to reduce foreign shipping line dependency and save foreign exchange.