- India’s 2024-25 Union Budget includes changes and simplifications to the Goods and Services Tax (GST)
- Finance Minister Nirmala Sitharaman announced the budget on July 25th, with a focus on GST and customs duties
- Proposals for indirect tax changes include simplifying and expanding the GST structure, consolidating GST rates, and supporting domestic manufacturing
- Sector-specific changes include exemptions for cancer drugs, reduction in customs duties for mobile phones, and exemptions for critical minerals and solar energy
- The budget also includes measures to boost competitiveness in leather, textiles, precious metals, electronics, chemicals, plastics, and telecommunications industries
- Trade facilitation measures were also introduced to streamline tax structures and enhance the ease of doing business in India
- The budget also scrapped the 2% e-commerce equalisation levy.
Source: vatcalc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
