The Finance Minister presented the first budget of the new government on 23 July. At the macro level, the budget lays out a path for a Viksit Bharat or Developed India, with a focus on infrastructure, skill development, manufacturing, energy security, urban development, innovation and research and development (R&D) and next-generation reforms around labour, land and foreign direct investments, amongst others.
On the tax front, the theme continues to be stability and certainty with no adverse surprises. Moreover, there are a host of welcome simplification and rationalisation measures, which will ease compliances, reduce disputes and bring more certainty in the law. In keeping with the theme of next-generation reforms even in tax, the Finance Minister has announced a new tax code that will be unveiled in six months. The purpose is to make the new tax code concise, lucid, and easy to read and understand.
There are almost 150 proposed amendments and changes. Amongst these myriad changes, which budget proposals impact you, as a MNCs, in doing business with Indian third-party customers or dealing with your Indian subsidiaries and affiliates? We present a concise summary of these key changes for your reference.
