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India’s pharmaceutical companies are hoping for tax incentives and financial assistance for research on innovative drugs as Prime Minister Narendra Modi’s government readies a federal finance budget likely to be presented in July.
The government is reportedly considering a proposal to increase the tax-deductible limit on interest income from savings accounts to Rs 25,000. With the Budget 2024 date set for July 23, the proposal, put forth by banks during a recent meeting with key finance ministry officials, aims to provide deposit incentives amidst concerns over the widening credit-deposit ratio, claimed an Economic Times report.
Ahead of the Union Budget, the department for promotion of industry and internal trade or DPIIT has mooted the removal of angel tax on startups, but the final view in this matter will be taken by the finance ministry, a source privy to development said on Friday.
A survey conducted by real estate association CREDAI and investment management company Colliers found that the majority of the real estate developers expect tax rationalisation, sops for affordable housing, and single window clearance from Union Budget 2024, slated to be tabled sometime later this month.
The Coimbatore District Small Industries Association (CODISSIA) has appealed to the Union government to relax some of the mandates under GST, Income Tax, and bank loans for Micro, Small and Medium-scale Enterprises (MSMEs) to spur growth.
Sivakasi in Tamil Nadu is known for its firecracker industry. The industry having a turnover of around Rs 5,000 crore per annum expects to reduce 18 per cent GST on the products in the budget 2024
The jewellers in Rajasthan’s Jaipur have many hopes from the upcoming Union Budget and they shared their wish-list with PTI. The goldsmiths have a variety of demands including relief in GST to increase limit in cash transactions.
As part of pre-budget deliberation, industry representative bodies met Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Wednesday in the national capital. During the meeting, industry representatives demanded the restructuring of GST tax, lowering of tax, and increased capital expenditure.
The Coimbatore Chapter of Institute of Chartered Tax Practitioners India has established a ‘Budget Recommendation Committee, to study and analysis various issues in Direct Taxes and Indirect Taxes, and suitably draft is recommendations for introduction, repeal , substitute, amend and modify the sections, provisions, explanations and rules in the forth-coming budget.
Lowering the Goods and Services Tax (GST) rate on health insurance products and incentivizing more and more people to buy…