CA.Sangam Aggarwal
Quick Summary
Direct Taxation
- No major changes in Income Tax slab rates, including for companies.
- Certain tax benefits to start-ups and investments made by sovereign wealth funds/pension funds extended upto 31.03.2025 under section 80IAC. There is no extension for section 115BAB.
- Tax exemption of some IFSC units earlier expiring on 31.03.2024 extended upto 31.03.2025.
- Withdrawal of outstanding demand, which will benefit approx. 1 crore taxpayers:
- upto Rs. 25,000/- pertaining to the period upto F.Y. 2009-10
- upto Rs. 10,000/- for F.Y. 2010-11 to F.Y. 2014-2015
Achievements under Direct Taxation
- Direct Tax Collections more than trebled in last 10 years
- Number of return filers swelled to 2.4 times
- Faster Refunds – reduction in average processing time of returns from 93 days in FY 2013-14 to 10 days in FY 2023-24.
Indirect Taxation
- No major changes under Indirect Taxes including GST.
- There is amendment in Section 20 of CGST Act w.r.t. Input Service Distributor, now registration for ISD is mandatory.
Achievements under Indirect Taxation
- Approx 94% of industry leaders view the transition to GST as largely positive.
- Tax base of GST has been more than doubled earlier it was 68 lakhs and now it is 140 lakhs approx.
- Average monthly Gross GST collections doubled to Rs. 1.66 lakh crore in F.Y. 2023-24.
- Increase in tax buoyancy of State revenue from 0.72 in F.Y 2012-16 to 1.22 in the post-GST period i.e. F.Y. 2017-2023.
- Decline in import release time since 2019 by:
- 47 per cent at Inland Container Depots
- 28 per cent at Air Cargo complexes
- 27 per cent at Sea Ports.
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