CII President vouches for Inclusion of Petroleum etc. in GST, expresses Expectations for Budget 2024-25

Sanjiv Puri, president of CII, anticipates income tax relief for taxpayers in the lowest slab in the upcoming Budget due to rising inflation in India. Currently, individuals under the old regime enjoy an income tax exemption up to ₹2.5 lakh, whereas under the new regime, the limit extends to ₹3 lakh.\r

Puri emphasized the need for continued simplification in tax processes and suggested rationalizing capital gains across different financial instruments. He also proposed a structured approach to customs duties, advocating for a three-tier system to categorize goods based on primary, intermediate, and finished stages. \r

Looking ahead to the Budget, Puri stressed on boosting public capital expenditure, maintaining fiscal discipline, enhancing social infrastructure investments, establishing a green fund, and increasing rural sector investments amidst India’s escalating wholesale price index-based inflation, which stood at 2.61% in May.