Revenue department to start pre-Budget consultations with industry on November 7

The industry associations meetings with tax department officials assume greater significance on account of the proposed implementation of GST from April 1, 2017.

Written by Aanchal Magazine | New Delhi | Published:October 26, 2016 2:53 am

Ministry of Finance’s Department of Revenue under the chairmanship of revenue secretary Hasmukh Adhia will begin pre-Budget consultations with various industry associations from November 7.

Adhia is scheduled to chair the first meeting with Automotive Components Manufacturers Association and Society of Indian Automobile Manufacturers on November 7, after which he will hold the next pre-Budget meeting with National Highways Builders Federation, Builders Association of India, Construction Federation of India and Confederation of Real Estate Developers Association of India (CREDAI) on November 8.

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Industry chambers Federation of Indian Chambers of Commerce and Industry (FICCI) and Confederation of Indian Industry (CII) will discuss their tax proposals for Budget 2017-18 on November 11 and November 15, respectively. Representatives of ASSOCHAM and PHD Chamber of Commerce and Industry will meet the revenue secretary on November 16 and November 17, respectively, to present their proposals for next financial year’s Budget.

Separately, the department will also hold pre-Budget meetings chaired by other officials. On November 2, Member (Budget), Central Board of Excise and Customs (CBEC) will hold pre-Budget meeting with Association of Synthetic Fiber Industry, Association of Manmade Fiber Industry of India and Indian Spinners Association. Associations of telecom service providers such as Cellular Operators Association of India and Indian Cellular Association will meet CBEC Chairman Najib Shah on November 7, while representatives of Indian Drug Manufacturers’ Association and Organisation of Pharmaceutical Producers of India will meet Shah on November 11.

CBDT chairperson will chair meetings with Institute of Chartered Accountants and Chamber of Tax Consultants on November 7, while meeting with tax professional bodies such as EY, KPMG, PWC and Deloitte will be held on November 10. Pre-Budget consultations with Indo-American Chamber of Commerce, European Business Group and American Chamber of Commerce in India will meet CBDT chief on November 15. The meetings are scheduled to end on November 18, when Adhia will chair meeting with officials of Tobacco Institute of India.

The industry associations meetings with tax department officials assume greater significance on account of the proposed implementation of GST from April 1, 2017. Industry associations in their past meetings with finance ministry officials had asked for a timeline of at least six months before the implementation of the new indirect tax regime.