Budget 2024 Expectations: Are GST Reforms coming?
Budget 2024 Expectations: Are GST Reforms coming? GOODS AND SERVICES TAX: BUDGET-2024 EXPECTATIONS Yes, GST reforms are anticipated in the 2024 Budget of India. The reforms will focus on rate rationalization, amendments to the CGST and IGST Acts, and new measures to streamline the GST framework. The government aims to address issues like rate adjustments, input tax credit timelines, and introducing an amnesty scheme for non-fraudulent tax payment cases. These changes are expected to enhance compliance and boost consumer spending. Overall, the 2024 Budget is expected to focus on making the GST regime more business-friendly, reducing compliance burdens, and addressing specific industry concerns to foster economic growth. Amendments to the GST framework are anticipated to simplify compliance and improve the ease of doing business. This includes revising the annual GST return form (GSTR-9) to allow rectifications/revision and make the filing process less cumbersome for business...