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Finance ministry, commerce ministry seized of issue of duty structure: Niti Aayog Vice Chairperson

Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1.

Finance ministry, commerce ministry seized of issue of duty structure: Niti Aayog Vice Chairperson
Niti Aayog Vice Chairperson Suman Bery. (Photo source: Twitter/@NITIAayog))

Niti Aayog Vice Chairperson Suman Bery on Friday said the finance and commerce ministries are seized of the matter related to inverted duty structure, but did not elaborate pointing out that the next Union Budget was round the corner.

Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1.

Replying to queries during the CII Global Economic Policy Summit 2022 here, Bery said Niti Aayog has been doing “some internal work” on the issue of inverted duty structures.

Also, both the finance ministry and the commerce ministry are seized of the issue, he added.

“But you know, since we are approaching budget time, I don’t want a headline that promises that this is going to be, you know, on the agenda. So I just say I hear you and I will take it back,” the Niti Aayog Vice Chairperson said.

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Inverted duty structure refers to taxation of inputs at higher rates than finished products that results in build-up of credits and cascading costs.
Earlier Bery said country’s G-20 presidency is an event for all of India with states and Centre combined.

“We are here at an important moment in terms of India’s climb up the size of economy ladder, with the eyes of the world being on India and with the mandate given to us by the prime minister to think through Viksit Bharat (Developed India),” he said.

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He was in a conversation session on Indian Economy @2030 with Sanjiv Bajaj, President, CII, and Chairman and Managing Director, Bajaj Finserv Limited.

The Niti Aayog Vice Chairman also observed that India has an innate resilience, and despite the many criticisms that are made of both the Indian policy establishment and the Indian private sector, whenever there is a challenge, the system seems to work.

“Our watchword going forward should be ‘if ain’t broke, don’t fix it’,” he said.

Bajaj noted that India is at a very interesting place at a time when “we have been a resilient economy that is still exposed as the world is going through a period of uncertainty”.

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First published on: 09-12-2022 at 03:50:30 pm