Budget ’25: Green projects may receive incentives
The forthcoming budget may give some tax incentives to entities engaged in environment-friendly green projects, sources told TNIE.
Tag: Union Budget 2024
Budget may not change 45-day rule on payment to MSMEs
The Union Budget may not make any change in the 45-day pay rule in Income Tax law as the government has amended the Company Law order and notified new form for reporting by companies about delay in payment to micro and small enterprise suppliers. Tax and legal experts are divided over how the change will impact compliance burden for large companies.
Budget may include implementation of global minimum corporate tax rate
Finance Minister Nirmala Sitharaman may declare India’s commitment to ‘Pillar 2’, aiming to implement a global minimum effective corporate tax rate of 15%, during the upcoming Budget, ToI reported.
Input tax credit on menu: Food Services sector seeks input tax credit in upcoming budget
The National Restaurant Association of India has raised the issue of the lack of input tax credit for the restaurant industry with the Union finance ministry.
Union Budget 2024: Insurers seek enhanced tax benefits for health insurance
Insurance sector stakeholders are urging for more tax benefits under the new tax regime. Anup Rau, MD and CEO of Future Generali India Insurance Company, highlighted that the deduction limit on health insurance premiums under Section 80D has not changed in nine years, despite rising healthcare costs. Rau suggested linking the limit to inflation for automatic adjustments.
Budget 2024 expectations: Food Services sector seeks industry status, Input Tax Credit, 24×7 operations
Ahead of the first Union Budget of the Modi 3.0 government, the food services sector has requested industry status and a dedicated ministry to address its unique challenges.
Budget 2024: Oil and gas industry awaits schemes to boost production, inclusion in GST
The oil and gas industry is expecting policy announcements and investment schemes aimed at increasing domestic production and bringing required changes in the tax structure in the upcoming Union Budget, set to be announced on July 23.
Budget 2024: Tourism industry seeks uniform 12 per cent GST rate on hotels
To boost domestic and inbound tourism, the travel and tourism industry has requested the government to consider a uniform 12 per cent GST rate on hotels in the upcoming Budget for 2024-2025. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2024-25 in the Lok Sabha on July 23.
Budget 2024: Healthcare Sector Seeks GST Relief, Incentives In R&D, Local Manufacturing
The Indian healthcare sector has high expectations for the upcoming budget on July 23rd, 2024. Experts anticipate a significant rise in healthcare spending. Investments in rural healthcare facilities and primary care are also expected to receive a boost
Budget 2024: Travel agents expect GST rate rationalisation for tourism
Travel agents body TAAI on Monday sought a slew of measures, including simple visa requirements and encouraging visa-free entry for tourists visiting India, rationalisation of GST rates and GST credit, and industry status for all stakeholders in the segment, among others, for the domestic travel and tourism sector.