The Hon’ble Finance Minister tabled the last full Union Budget of this government for the fiscal year 2023-24 with the aim of steering the Indian economy over the next 25 years of Amrit Kaal – from India at 75 to India at 100. This is yet another year where the Government proposes to provide significant impetus to, inter-alia, infrastructure spend, digitisation and financial inclusion. The budget is in line with the vision of our Hon’ble Prime Minister to make India Atmanirbhar and a digital giant.

On the direct tax front, several amendments have been proposed including revising personal income-tax slab rates, reduction of surcharge for the super-rich, measures to reduce pendency in litigation, widening the scope of taxation of benefits and perquisites, amendments in taxation of charitable institutions, et al.

On the backdrop of highest ever GST collections, amendments have been proposed under the GST law to raise the minimum threshold of tax amount for launching prosecution and to decriminalize certain offences. Under customs law, it is proposed to reduce the number of basic customs duty rates on goods from 21 to 13 thereby simplifying the tax structure. To ease compliances, it is also proposed to set up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.

Here’s our publication summarising the highlights of the policy announcements and the tax proposals.