look news india
Mumbai: In pre -budget survey conducted by the Industries Bodies Federation of Indian Chambers of Commerce and Industry (FICCI), most industries are expected to simplify the tax system and to encourage to use safe technology for the natural environment.
Apart from this, the industries are also expecting that the Finance Minister will facilitate compliance through digitization in the budget of FY 2026. Companies have also demanded a review of the direct tax structure, expressing concern over the weak demand in the economy.
The survey report said that it has also been expressed that there is a need to keep a close watch on the tax level and tax rate so that more money can come to spend in the hands of the people and increase the increase in consumption.
The firms have demanded a strong policy emphasizing ease of compliance through encouragement and digitization for the development of tax systems, green technologies or renewable and electric vehicles.
On the tax front, it was the opinion of all the participants to address the issue of certainty in taxes, the issue of reversing customs and to make TDS provisions practical.
About 150 companies from different regions participated in the survey held from December 2024 to mid -January 2025.
47 percent of all participating companies expressed confidence that the government would be able to meet the fiscal deficit target of 4.90 percent for the current financial year. 60 per cent of the companies have expected to be between 6.50 per cent to 6.90 per cent for the next financial year.
The survey report said that to maintain the pace of development, emphasis has also been laid on capital expenditure.