The Economic Survey released by the government offers two important cues on tax policy changes in Budget 2015, reports CNBC-TV18's Menaka Doshi.
The Economic Survey released by the government offers two important cues on tax policy changes in Budget 2015, reports CNBC-TV18's Menaka Doshi.
The survey talks about boosting manufacturing activity in the country and suggests that "an intervention that can be immediately implemented is to eliminate the current negative protection facing Indian manufacturing."
This suggests that the Budget could tackle inverted duty rate structures and may increase specific customs duty. An intervention that can be immediately implemented is to eliminate the current negative protection facing Indian manufacturing.
We spoke with Pranav Sayta of Ernst & Young who said electronics and telecom could get customs duty relief. Some sectors such as FMCG and chemicals may also get a reprieve thanks to the free trade agreements India has signed with ASEAN etc.
"If that comes in, we can say Indian manufacturing as been put on a level-playing field," he said, adding that customs duty for ultra mega power projects could be made zero.
"The inverted duty structure issue has been addressed over the past few years though there are still about 62 odd cases left to be addressed," said Rohan Shah of ELP. "But it needs to be done in an even-handed manner. If you are import-dependent, you have to treat it as one basket. If not, subject to WTO rules, the customs rate can go up."
The second cue has to do with expanding the tax base. The eco survey says "overall revenue-to-GDP ratio for 2014 as estimated at 19.5 percent by the IMF, needs to move toward levels in comparator countries -- estimated at 25 percent for emerging Asian economies and 29 percent for the emerging market countries in the G20.'
This suggests that Finance Minister Arun Jaitley may articulate his government's strategies to expand India's meagre tax-paying base.
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