New Delhi: Industry body Confederation of Indian Industry (CII) has suggested the union government reduce personal income tax rates in a bid for the next push for economic reforms.
CII president Sanjiv Bajaj in the pre-Budget note also sought to end the decriminalisation of GST rates and suggested relooking at the capital gains tax rates.
CII president Sanjiv Bajaj said “The government should contemplate a reduction in the rates of personal income tax in its next push for reforms as this would increase disposable income and revive the demand cycle,”
Union Finance Minister Nirmala Sitharaman will begin pre-Budget consultations on Monday and is likely to present the Budget for 2023-24 on February 1, 2023. This will be the last full Budget of the Modi government as a vote of account will be tabled in 2024, an election year.
Bajaj pointed out that the “consumption will get a boost on reduction of 28 per cent GST on select consumer durables and expediting rural infrastructure projects.