Govt Invites Industry Suggestions for Union Budget 2026-27 on Changes in Direct and Indirect Taxes:

Govt Invites Industry Suggestions for Union Budget 2026-27 on Changes in Direct and Indirect Taxes The Tax Research Unit of the Ministry of Finance, Department of Revenue, Government of India, has issued an official communication (F. No. 334/10/2025-TRU), dated October 27, 2025, addressed to all Trade and Industry Associations. The communication is subject to inviting suggestions for the Union Budget 2026-27, specifically for making changes in direct and indirect taxes. The government is beginning their preparations for the Union Budget 2026-27, and it wants to collect suggestions from industry groups on how to improve the tax system.

Also Read

MCA Issues Office Memorandum on Manpower Arrangement for Newly Created RD and ROC Offices

These suggestions can include changes in tax rates (increase or decrease), correction of anomalies or issues in existing tax structures, broadening of the tax base (adding new areas/items to taxation) and economic justifications for any change. The unit has asked the association to give well-explained and justified proposals. For instance, give figures related to production, prices, and the possible effect on government revenue if your suggested tax changes are made. Any other information that supports your proposal should also be added.

Also Read

Bank Transactions that Can Get You Income Tax Notice

If you are asking for a correction of an inverted duty structure, you must clearly show the value added at each stage of production or manufacturing of that product. The Ministry also makes it clear that they cannot consider suggestions that are not clearly explained or lack enough data or justification. Refer to the official communication for complete information. Download Official Communication