The Chamber delegation attended the Union Budget 2025-26 intellectual conference held at Babylon Capital. In the conference, the keynote speaker Prahlad Joshi ji, the Union Minister (Union Consumer Affairs, Food and Public Distribution and New and Renewal Energy) submitted a memorandum regarding the suggestions related to the provisions brought by the Chamber delegation in Budget 2025.
In the conference, the Chamber welcomed the historic Union Budget, stating that the Union Budget 2025-26 ‘developed India is unable to focus on the target of 2047. The Chhattisgarh Chamber of Commerce and Industries expresses gratitude from the 12 lakh traders of the state for the visionary budget 2025-26 presented, which has emphasized the micro, small and medium enterprises (MSME) sectors. Another engine of development for the Indian economy. It reflects a broad roadmap towards “developed India” with a commendable focus on overall development, economic development and empowerment.
It is a balanced budget based on business and industry along with poor, youth, food donors, women and senior citizens. The budget presented is an important step leading to “Vision 2047 prosperous India”.
Also, the suggestions related to the provisions brought by the Chamber in Budget 2025 are:-
1. To put a proposal in the budget for imposing a fine in GST cases, a proposal to submit 10% of the fine as a pre -condition to file an appeal should be kept as before.
2. Updated Return:- The amount of penalty should be reduced under the rules related to updated returns, which will lead to maximum compliance and also reduce controversy.
3. Amendment to Section 34 (Credit Notes):- For monitoring the credit notes of suppliers, an additional compliance on the recipients is responsible. Currently, there is no such system through which a supplier can check if the recipient has returned his ITC and therefore, it complicates the reconciliation process and unknown errors may occur, resulting in future controversy. And additional litigation can occur due to punishment, so this provision should be removed.
On the above suggestions, Union Minister Prahlad Joshi ji said to take appropriate steps showing positivity.