The Federation of Indian Chambers of Commerce and Industry (FICCI) were in talks with the finance secretary on pre-Budget tax proposals.
According to sources, FICCI has called for the protection of legitimate transactions post the implementation of general anti-avoidance rule. The industry body has also asked the tax department to grant relief in cases under Insolvency and Bankruptcy Code (IBC) proceedings. That's not all; sources are also telling us that FICCI has asked to defer the place of effective management norms with a retrospective effect.
On the goods and services tax (GST) front, it has asked for detailed guidelines under the anti profiteering clause and has also asked to amend the GST laws to allow industry to avail input tax credit (ITC) on all expenses for business purposes.