Ahead of the budget to be presented in February 2025, industry and trade organizations have put forward several suggestions to the government. The aim of these suggestions is to make the tax system simple and helpful in doing business. These changes can be very beneficial especially for businessmen and taxpayers. Let us know what are the demands of the industry:

Simplifying tax rules

Traders have demanded to simplify some tax related rules. Especially, there has been talk of simplifying TDS and TCS provisions. FICCI says that if these provisions are implemented properly, then taxpayers will not face any problems and it will help them in avoiding litigation.

Tax exemption for women employees

The industry has demanded a special step to promote the increasing participation of women in the workplace. FICCI says that tax exemption should be given on day care expenses of female employees. This will help women to work and increase their contribution to society and the economy.

A new way to resolve disputes

There are often tax disputes between traders and taxpayers, the resolution of which can be lengthy and complex. FICCI has appealed to the government to implement a new and simple resolution method for resolving such disputes, so that traders can save time and money.

Easy certification for traders

In the case of indirect tax, FICCI has given a suggestion, which can make the work easier for traders. Certificate of Origin (COO) should be implemented as a single certificate. This will eliminate the need for separate documents for a shipment, and the process will become simpler for traders.

Benefits of certification for new companies

FICCI has also suggested that new companies should be given the benefit of AEO (Authorized Economic Operator) certification. This will ease business and new companies will be able to start their activities easily.

Easy process for importers

Importers face problems related to BIS certification. FICCI has appealed to the government to simplify this process for importers so that they can import their products without any problem.

These suggestions are aimed at making the Indian tax system more transparent and easier for businessmen. If the government implements these reforms, the process of doing business in the Indian economy will become much easier and business growth will accelerate.