Union Budget 2025-26 Wishlist: India Inc.’s Key Proposals
Industry leaders, including CII, FICCI, and ASSOCHAM, have submitted their recommendations for India’s Union Budget 2025-26. Their proposals center on lowering tax rates, simplifying compliance, supporting MSMEs, and bolstering infrastructure. Here’s a snapshot of their major suggestions:
- Customs Amnesty Scheme
A one-time settlement for customs dues to reduce litigation.
Modeled on past schemes like the Sabka Vishwas Scheme, offering waivers on interest and penalties.
- Tax Compliance and Dispute Resolution
Simplified TDS compliance.
Independent Dispute Resolution forum for efficient handling of tax issues.
- Lower Tax Rates and Exemptions
Reduced tax rates for individuals and LLPs.
Higher presumptive tax limits for professionals.
Exemptions on daycare reimbursements to promote women-led development.
- MSME & PLI Scheme Support
Expansion of Production Linked Incentive schemes.
Revised NPA classification for MSMEs.
Interest equalization on MSME export credit.
- Capital Expenditure (Capex) Increase
CII calls for a 25% capex boost, focusing on rural infrastructure and agriculture, building on last year’s capex of Rs 11.11 lakh crore.
- Decriminalization of TDS Defaults
Amendments to Section 276B to limit imprisonment only to cases with taxpayer profit at the government’s expense.
Economic & Growth Goals
With an expected Budget size exceeding Rs 51 lakh crore, industry bodies aim for sustained capex to drive economic and infrastructure growth. India Inc. hopes for reforms that simplify the tax system, increase competitiveness, and make India a global economic leader.
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