Union Budget 2024: What India Inc is expecting from FM in terms of reforms in GST arena
Finance Minister Nirmala Sitharaman is preparing to present the first Budget in the third term of the BJP-led NDA government on July 23, 2024. While different sectors are forwarding and expressing their expectations, most of them are keen on a revision in indirect tax rates to boost consumer spending. Earlier it was reported that the Centre has agreed to the necessity for gradual rate rationalisation within the Goods and Services Tax (GST) framework.
Policymakers have also been advocating an overhaul of indirect tax rates. The central government is not obligated to consult with the states when adjusting income slabs or income tax rates. However, when considering GST rate cuts, the involvement of states is necessary to reach a mutual agreement on a matter that could impact the revenue of both states and the central government.
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As per experts, a committee focused on GST rate rationalisation need to meticulously deliberate on the specifics of adjusting rates, possibly starting by listing items for rate rationalization that have previously been examined in prior meetings.
