Nirmala Sitharaman chairs pre-Budget 2025 consultation: Check key proposals
What's the story
Finance Minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2025-26 on February 1.
Ahead of the big day, she recently chaired the seventh pre-Budget consultation.
The meeting was attended by stakeholders from capital markets and the financial sector and was held in New Delhi.
The finance secretary and other senior government officials were also present at the important meeting.
Tax reforms
Industry leaders emphasize need for robust tax framework
On December 26, Sitharaman had important pre-Budget discussions with industry representatives. The discussions centered on measures to boost trade exports and make India more globally competitive.
Industry leaders pushed for a stronger tax framework to support Global Capability Centers (GCCs), recommending better safe harbor rules and faster execution of advance pricing agreements.
These measures are considered essential to promote international business operations.
TDS simplification
Deloitte recommends simplified TDS process for NRI property transactions
Deloitte has suggested a simplified Tax Deducted at Source (TDS) process for property transactions involving Non-Residents (NRIs).
Currently, homebuyers need to get a Tax Deduction and Collection Account Number (TAN), deposit the tax, and file e-TDS returns while buying property from NRIs.
This recommendation is part of Deloitte's suggestions for the upcoming Union Budget 2025.
Sustainability support
Packaging industry seeks support for sustainability
The packaging industry hopes the Union Budget 2025-26 will include measures to encourage sustainability.
Among the suggestions are tax incentives on eco-friendly materials, subsidies for advanced recycling units, and rewards for achieving Extended Producer Responsibility (EPR) targets.
The industry also calls for investment in recycling infrastructure through measures such as permitting investments under Corporate Social Responsibility (CSR) provisions and interest subvention on loans taken for recycling facilities.
Travel expectations
Travel sector anticipates transformational initiatives
The travel sector is looking forward to transformative initiatives in the upcoming budget that could benefit India's travel industry.
Suggestions include increased infrastructure investments, tax reforms aimed at the travel and tourism industry, and incentives for sustainable tourism.
Support for start-ups and a focus on skill enhancement and training of employees are also among the expectations from the sector.