Bullion market participants were expecting a five per cent cut in duties, but the FM has announced a nine per cent cut, so it beats expectations
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The Finance Minister proposes that the long-term gains on all financial and non-financial assets will attract a tax rate of 12.5 per cent
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The financial infusion, spread over the next five years, will support a variety of important initiatives designed to position India as a global leader in AI technology
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This is a 355 per cent increase compared to the revised estimates of Rs 1,503.36 crore for the previous fiscal year 2023-24
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The finance minister announced the reduction of customs duties on gold and silver to 6 per cent and on platinum to 6.4 per cent, a move aimed at enhancing domestic value addition in gold and precious metal jewellery
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The budget's comprehensive approach to bolstering digital commerce, fostering innovation, and enhancing economic growth has been lauded by key stakeholders
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As India embarks on this journey towards GST 2.0, the success of Section 74A will ultimately depend on its implementation on the ground and the readiness of both the tax administration and taxpayers to embrace this new paradigm. One thing is certain – the Indian tax landscape will never be the same again.
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The logistics sector is optimistic about the potential impact of the Union Budget 2024. The comprehensive focus on infrastructure development, digitalisation, and skill enhancement is expected to drive growth, improve operational efficiencies, and position India as a global logistics hub
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These strategic amendments signify a major advancement in reinforcing IFSC;'s role as a vibrant channel for global investment flows, creating a more favourable tax framework for outbound funds operating within the center
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While the budget is a step in the right direction, it needs to be complemented with more substantial measures to achieve the desired outcomes
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