Key Points
What can one expect from an FM presenting an interim budget in a year when tax collections - GST and direct taxes - have touched record high levels, surpassing budget revenue, and the country is the fastest-growing large economy?..
Nirmala Sitharaman has done excellent expectation management by announcing that significant changes will come in the full budget, which will be held after the general elections, rather than in the interim one..
However, the robust tax collections and a growing economy would require the finance minister to continue promoting policies conducive to the country's growth and make further changes to facilitate ease of doing business in India...
Taxes The interim budget must focus on two critical aspects:. q Quicker dispute resolution Earlier steps had been announced to create an additional post to facilitate quicker disposal of appeals..
There is one key set of provisions that is likely to be introduced in the interim budget. India is actively consulting with industry on Pillar 1 of OECD's BEPS (base erosion and profit shifting) 2.0 and considering the implementation of Pillar 2...
You might be interested in
Concessional corporate tax rate of 15% for eligible ‘start-ups’ has not been extended beyond March 31, 202
01, Feb, 24No extension of concessional tax rate: Interim Budget 2024 has disappointed the manufacturing start-up companies by not extending the sunset date for concessional corporate tax rate of 15% beyond March 31, 2024. Some industry experts are of the opinion that this non-extension might impact the government's Make In India initiative.
Interim Budget measures that Modi govt needs to take to widen doors for global companies
19, Jan, 24Budget 2024: India seeks investments from global corporations to strengthen domestic capability in various sectors. The interim budget presents an opportunity to improve ease-of-doing business and attract higher investments. A 'plug and play model' for manufacturing operations would be beneficial for global corporations. Tax certainty and effective contract enforcement are crucial for the economics of global supply chains.