{"id":81359,"date":"2024-06-26T04:49:04","date_gmt":"2024-06-26T04:49:04","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/26\/union-budget-industry-seeks-tax-cuts-rationalisation-of-duties-times-of-india\/"},"modified":"2024-06-26T04:49:04","modified_gmt":"2024-06-26T04:49:04","slug":"union-budget-industry-seeks-tax-cuts-rationalisation-of-duties-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/26\/union-budget-industry-seeks-tax-cuts-rationalisation-of-duties-times-of-india\/","title":{"rendered":"Union Budget: Industry seeks tax cuts, rationalisation of duties &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i0.wp.com\/static.toiimg.com\/photo\/msid-111269503,imgsize-1489057.cms?fit=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Union Budget: Industry seeks tax cuts, rationalisation of duties &#8211; Times of India\" title=\"Union Budget: Industry seeks tax cuts, rationalisation of duties &#8211; Times of India\" \/><\/div>\n<div>NEW DELHI: In an effort to boost the economy, representatives of various industries on Tuesday urged finance minister Nirmala Sitharaman to reduce the incidence of indirect taxes and rationalise <!-- -->duty structure<!-- --> wherever required.<br \/>In a pre-Budget meeting with Sitharaman, FIEO president Ashwani Kumar made a case for an extension of the <!-- -->interest equalisation scheme<!-- --> for the next five years.<br \/>&#8220;We request the scheme which is valid till 30th June, 2024 may be extended for 5 years. Looking into the rise in interest rates consequent to the increase in repo rate from 4.4% to 6.5% in the last 2 years, the subvention rates may be restored back from 3% to 5% for manufacturers in MSMEs,&#8221; Kumar said.<br \/>Kumar also urged for the establishment of an Indian shipping line of global repute to reduce foreign shipping line dependency and save foreign exchange.<br \/>Emerging from the nearly two-hour meeting, Ajay Sardana, president &amp; head of petchem-industry affairs, at Reliance Industries, said there is a need for a review of <!-- -->tariffs on imported goods<!-- --> from China related to the petrochem industry.<br \/>&#8220;China has created a lot of overcapacity&#8230;they are putting a lot of products in India at a very cheaper price and a lot of dumping is happening. So, what we requested is a review of the tariffs regime so that domestic capacity can be increased,&#8221; Sardana said.<br \/>Shree Cement chairman HM Bangur said govt should spend more on <!-- -->capital expenditure<!-- --> so that the cement industry benefits.<br \/>&#8220;We sought faster and simultaneous environmental clearances and no hindrance in capex,&#8221; he added.<br \/>Representing the services sector, Nasscom vice president and head of public policy Ashish Aggarwal said, &#8220;From the Budget perspective, we are looking for easing the transfer pricing regime as a lot of our industry is not able to benefit from transfer pricing provision.&#8221; <\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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