188: Budget 2022 | ‘Crypto regulation, revised GST slabs, Indian shipping line’: What industry experts want from FM Nirmala Sitharaman

In the run up to Union Finance Minister Nirmala Sitharaman’s Budget 2022, experts across industries have been sharing their wishlists for the government to include in the annual financial plan.

In this edition of the Budget Podcast, CNBCTV18.com’s Kanishka Sarkar shares the expectations of the consumer durables, retail, and IT sector. She also talks about what the silk saree, food and beverage, and infrastructure sectors are seeking from the upcoming budget.

Avneet Singh Marwah, CEO at Super Plastronics Private Limited, called for a ‘stable’ GST tax slab to boost Indian manufacturing and MSMEs, given the COVID-19 pandemic period. According to him, no product should be above the 18% slab and the government must encourage consumerism in order to improve market sentiment. He also has urged the government to not change customs duties for the time being as the industry is moving towards stable conditions.

Meanwhile, Pallavi Singh, Vice President, Super Plastronics, has urged the government to reduce GST on all consumer electronics. She explained that the current rate of 18 percent on televisions is applicable only for up to 32 inches, and so, there is a vast range of televisions that comes under the ambit of a high 28 percent rate. A reduction in the rate to 18 percent even in televisions up to 43 inches will bring a huge relief since the majority of the consumers in India fall under the 32 to 43 inches range, she said.

The Trade Promotion Council of India (TPCI) has suggested the government announce incentives for activities such as branding and marketing of made in India products, setting up modern R&D labs and duty-free import of raw material by SEZ units.

Exporters have demanded support measures, including enhanced allocations for the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. They also want high import duty on plastic finished goods, setting up an Indian shipping line and reinstating exemption for duty-free import of critical inputs for leather products.

They have also suggested bringing fiscal incentives to address logistics challenges, and reduction of income tax on partnerships and LLP's to support MSME players.

Cryptocurrency experts have called for regulation of cryptos in the upcoming budget and exhorted the government to treat them as capital assets with a reasonable tax regime.

Tune in to the Budget 2022 Podcast for more

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