Industries pitch for rationalisation of duty structure & tax reduction in FY25 Budget

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.

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In a pre-budget meeting with Finance Minister Nirmala Sitharaman, FIEO president Ashwani Kumar made a case for an extension of the Interest Equalisation Scheme for the next five years.

“We request the scheme which is valid till 30th June, 2024 may be extended for a period of 5 years. Looking into the rise in interest rates consequent to the increase in Repo rate from 4.4 per cent to 6.5 per cent in the last 2 years, the subvention rates may be restored back from 3 per cent to 5 per cent for manufacturers in MSMEs,” Kumar said.