Tax Appeal Acceleration
FICCI has emphasized the need for expediting the resolution of tax appeals. Prolonged delays in resolving tax disputes can significantly impact business
liquidity and create uncertainty. The organization is urging the government to prioritize measures that will reduce the time taken to settle tax appeals, ensuring that businesses can access their funds more quickly and make informed financial decisions. This includes streamlining the appellate process and potentially increasing the efficiency of tax tribunals. Faster resolution of appeals would benefit both businesses and the overall economy by promoting a more stable and predictable tax environment.
TDS Simplification
Another key area highlighted by FICCI is the simplification of the Tax Deducted at Source (TDS) regime. TDS compliance can be complex, leading to administrative burdens for businesses. FICCI advocates for a more straightforward and user-friendly TDS framework. This could involve clarifying existing regulations, reducing the number of TDS provisions, and enhancing online portals for easy compliance. The simplification of TDS is expected to reduce compliance costs for companies and improve the ease of doing business, which is a key objective of the Indian government's economic policies. Streamlining TDS procedures would also reduce the potential for errors and disputes, benefiting both taxpayers and the tax authorities.
Clarity for Manufacturers
FICCI has urged the government to provide greater clarity on regulations affecting global manufacturers. This includes clarifying tax rules and customs procedures to support businesses involved in international trade and manufacturing. Clear and transparent regulations are critical for attracting foreign investment and promoting the growth of the manufacturing sector. FICCI's recommendations are aimed at helping companies navigate the complexities of global manufacturing. Specifically, clear guidelines will assist businesses in planning their investments, managing supply chains, and complying with tax requirements. This initiative seeks to boost economic growth by encouraging a more predictable and business-friendly environment.
Customs Transparency Focus
FICCI has also advocated for enhanced transparency in customs procedures. This involves measures to make customs processes more efficient and less prone to delays. Streamlining customs operations would reduce the cost of doing business, improve trade facilitation, and make India a more competitive destination for manufacturing. FICCI's recommendations likely include the use of technology to automate customs processes, reduce paperwork, and improve the efficiency of border controls. Increased transparency in customs would also reduce opportunities for corruption and improve overall governance in the sector, fostering trust among businesses and government agencies. This measure aims to simplify international trade and attract further investment in the manufacturing sector.
