Budget 2020: FinMin seeks industry inputs on direct, indirect tax changes

'Views may be supplemented and justified by relevant statistical information about the production, prices, revenue implication of the changes suggested'

The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.

In a letter to industry associations, the department of revenue has sought suggestions for “changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes”.

Finance Minister Nirmala Sitharaman announced tax cuts for the corporate sector besides other sops after the Budget in July as urgent measures to arrest economic slowdown. 

Sitharaman will be