CII proposes consistency in tax laws among measures to boost manufacturing competitiveness

New Delhi, Dec 26 (Representative) As government readies Budget for FY23 and take inputs directly from top CEOs to remove irritants in the way of India becoming global manufacturing hub, leading industry body Confederation of Indian Industry (CII) has suggested a slew of measure to boost competitiveness in the sector. In its pre-Budget recommendation, the industry body has proposed to speed up digitisation of court procedures, facilitate publication of model contract templates and promote alternative dispute resolution mechanism. Creating dedicated benches of the National Company Law Tribunal (NCLT) for matters related to Insolvency and Bankruptcy Code (IBC) is also one of the key recommendations.

It has also called for strengthening of logistics and related infrastructure besides reducing dwell time across all major ports and customs. Further, the industry body has also suggested to encourage membership to the authorised economic operator (AEO) programme which carries several benefits for industry. The CII has also proposed to revamp cost of electricity supply from the grid to reduce costs. “Standalone captive generators should not be penalized with electricity duty etc,” it has said. The industry body has proposed to constitute an Expert Committee to study conflicts/non-harmonious provisions and suggest necessary amendments to bring consistency in tax laws. “The committee would address issues such as the provisions of Income-tax Act not being in harmony with the provisions of SEBI laws, Company Law, FEMA, etc,” it has noted.