- Union Budget 2024 aims to simplify and rationalize the tax regime
- Measures to reduce compliance burden and provide tax relief to citizens
- Favorable environment for foreign investors
- GST amendments proposed for demand notices, input tax credits, and refunds
- Customs duty overhaul planned to ease trade and reduce disputes
- Exemption from GST compensation cess for goods imported into special economic zones
- Acceptance of different proof of origin for trade agreements
- Extension of time limits for repair of aircraft and ships
- Reduction in basic customs duty rate for mobile phones and related components
- Expansion of exempt capital goods for solar panel manufacturing
Source: taxathand.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.
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