Eight demands from confedertion of Indian Industry from Finance Minister

1) A reduction in the rates of personal income tax for reform as this would increase disposable incomes and revive the demand cycle

2) Lowering the maximum 28 percent Goods and Services Tax (GST) rate on certain consumer durables would also boost consumption demand as would greater employment generation

3) A fresh look at capital gains tax with respect to its rates and holding period to remove complexities and inconsistencies

4) A credible fiscal consolidation roadmap, which will bring down the fiscal deficit to 6 percent of GDP in 2023-24 and to 4.5 percent by 2025-26

5) Meeting the disinvestment target and quickening the privatisation of public sector undertakings is key from a revenue generation perspective

6) Reducing non-priority expenditure by rationalising subsidies such as fuel and fertilisers. As per CII, the quantum of “non-merit subsidies…is clearly unsustainable”

7) Reducing non-priority expenditure by rationalising subsidies such as fuel and fertilisers. As per CII, the quantum of “non-merit subsidies…is clearly unsustainable”

8) Decriminalise the GST law, as it already contains sufficient penal provisions for deterrence against tax evasion