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The government is considering several measures such as a flexible framework for the sale of products manufactured in SEZs in the domestic market, and streamlining approval processes for units.
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.
From the advent of GST, the Government has time and again tried to iron out the complexities, compliance hiccups and anomalies with respect to various issues, however, there are still plethora of issues on which industry seeks government intervention.
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.
Supreme CourtSupreme Court Seeks Data Of GST Arrests, Says Citizens' Harassment Won't Be Allowed Due To Any Ambiguity In Arrest ProvisionsCase Title: Radhika Agarwal v. Union of India and Ors.,...