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Given that there is a high priority on increasing participation in global value chains, the expectations from this budget from an Indirect Tax standpoint could be around improving the global trade ecosystem, simplification and streamlining of compliance framework, policy measures to cultivate local competencies and exports as well as focus on simplification and certainty in tax policy.
The government may choose to maintain fiscal conservatism in the Interim Budget to be presented on February 1, but there is expectation that it will contain a few popular announcements ahead of the General Elections. How will the government maintain this balance? - Issue Date: Feb 04, 2024
India's Interim Budget 2024 is expected to focus on improving the quality of trade facilitative environment, fostering domestic manufacturing, and expanding the greater value chain (GVC). The country has made significant progress in streamlining cargo clearance processes, but the actual performance has fallen short of average release time targets, experts say.
Finance Minister Nirmala Sitharaman is all set to present the Interim Budget on February 1, 2024 and according to reports, the Budget Session 2024 will begin on January 31, 2024.
An Interim Budget is presented by a government that is going through a transition period or is in its last year in office ahead of general elections. Traditionally, an incumbent government cannot present a full Union Budget in the election year. Instead, the Finance Minister presents an Interim Budget during the joint sitting of Rajya Sabha and Lok Sabha in Parliament. With an Interim Budget, the incumbent government seeks a vote of approval from Parliament to draw money from the Consolidated Fund of India to meet its Budget expenses before the end of the financial year; that is, Ma...