Expectations on Indirect Taxes front

The recently re-elected central government is set to present its thirteenth Union Budget on 23 July 2024. There is much anticipation from NDA 3.0 for policies aimed at economic growth, fiscal consolidation, inflation check, and promotion of private and foreign investments in crucial sectors like infrastructure, education, and healthcare.

While GST related reforms in this Budget would be aligned to give effect to the recently announced trade facilitation measures of the 53rd GST Council meeting, much remains to be seen on the Customs legislation as well as on the incentivization front.