Trade representatives seek greater support for export sector from FM

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IANS | 24 Nov, 2022
Increase in personal tax exemption and deduction limits and greater support for the exports sector were some of the key demands which were made before Finance Minister Nirmala Sitharaman by the trade and service sector representatives, who met her on Thursday as part of pre-budget consultations.

The Federation of Indian Export Organisations (FIEO) sought creation of a fund and availability of credit at affordable rates, while also urging the Finance Minister to extend greater support to exports which have become less competitive as rupee has steadily depreciated while the dollar has strengthened.

It also sought creation of jobs in the exports sector, noting that job creation has emerged as a major challenge in the country and therefore the government should provide financial support to those units which provide additional employment in the exports sector. This, it said, would help workers shift from informal employment to formal employment.

The Bengal Chamber of Commerce (BCC) sought streamlining of guidelines on search and seizure operations under GST, especially for established taxpayers.

Vivek Jalan, the Chairman of BCC's Fiscal and Taxation Affairs committee, put forth some key demands before the Finance Minister.

The industry chamber said that there is a big confusion on GST impact on commercial credit notes due to "post sale discount" wherein the field officers ask for GST from recipients of commercial credit notes. It sought clarity on this from the Central Board of Indirect Taxes and Customs (CBIC).

The BCC also sought clear standard operating procedures to provide guidelines as to when the inspection, search and seizure can be initiated under GST, especially for established taxpayers.

It also sought reduction in compliance burden on assessees by removing the requirement of issuance of TDS certificates and relying on Form 26AS which is an automated process.

Apart from Sitharaman, the meeting was also attended by Finance Secretary T.V. Somanathan and Secretaries from Economic Affairs, Public Asset Management, and Revenue Departments.

Chief Economic Adviser V. Anantha Nageswaran was also present in the meeting.