Union Budget 2024: GST changes not likely on legislative side, procedural changes inevitable
As the Interim Budget 2024 nears, significant shifts in India's GST policies come to the forefront, particularly focusing on procedural changes. The expected announcements include measures for compliance simplification, potential relief for MSMEs, and a digital push, outlining a strategic direction for a more streamlined and responsive fiscal landscape.
In the upcoming Interim Budget, set to be tabled on February 1, Finance Minister Nirmala Sitharaman is poised to adopt a cautious approach regarding significant legislative changes, particularly concerning the Goods and Services Tax (GST), according to insights provided by tax expert Rajat Mohan, the Executive Director at MOORE Singhi.
The tax expert highlighted that as the specter of an election year looms in 2024, Sitharaman is anticipated to prioritize stability while navigating the imperative for necessary procedural adjustments within the GST framework.
In the backdrop of the upcoming 2024 election year, within the GST framework, "we foresee not much changes on the legislative side. However, certain procedural changes with regard to compliance filings are inevitable."Rajat Mohan, the Executive Director at MOORE Singhi told ETCFO.
According to tax expert Rajat Mohan, the following changes can be expected in the GST framework in the interim budget for 2024. While actual changes to GST require the consent of the GST Council, the budget for 2024 provides a direction and thought process for the next stage of GST reforms.
