Streamlining Compliance: PHDCCI Pushes for Simplified Reforms in Heavy Industries

The industry lobby group PHDCCI has proposed a series of targeted reforms aimed at simplifying compliance for companies in the heavy industries sector, with a special focus on micro, small, and medium enterprises (MSMEs). The proposed reforms include the integration of various corporate filings into a unified annual return.

PHDCCI recommends increasing tax audit threshold limits to approximately Rs 5-10 crore. This change aims to reduce the compliance burden on smaller enterprises significantly. Additionally, the group has suggested a key reform on the GST front: delinking input tax credit eligibility from supplier compliance.

According to PHDCCI, simplifying, rationalizing, and digitizing regulatory processes will address existing structural bottlenecks in the heavy industries sector. The proposals, expected to enhance industry competitiveness, are set to be submitted to the competent authority for consideration.