Grab opportunities, experts at Infopark seminar on Budget

Kochi / July 27, 2024

Kochi, July 27: The proposals in Budget 2024-25 throw “tremendous opportunities” for comprehensive progress, experts said, urging entrepreneurs and professionals to utilise them fully.

The Budget, presented by Finance Minister Smt Nirmala Sitharaman in Parliament this week, provides several advantages for academics, technology companies and corporate houses, speakers said during an online budget analysis organised by Infopark.

Pradeep A, chartered accountant and partner of Global Transfer Pricing Services, hailed proposals such as internship with stipend and use of CSR funds to provide stipends. “The reduced corporate tax will give companies the confidence to invest in the country,” he noted. “If the proposals in the Budget are utilised properly, then students and job seekers will benefit immensely.”

Anand Bhandari, BSR & Co. LLP, welcomed a proposed reduction in inheritance tax. He, however, said “not reducing the tax on immovable properties of foreign citizens will negatively impact the flow of foreign capital into the Indian market.”

Savith V. Gopal, BSR & Co LLP, said the amendments introduced in the GST Act will benefit taxpayers. “Those who do not pay GST in advance, or pay less, will no longer face legal action. Section 11A incorporated in the GST Act will come as a relief to them,” he pointed out. “There is no mention in the Budget about giving refunds to those who have paid advance tax, although there is relief that there will be no legal action.”

From an indirect tax/GST perspective the statutory amendments in the legal provisions to enforce the points discussed and agreed during the 53rd GST council meeting as been touch points in the Finance Bill (2) 2024.

Referring to the interest and penalty waiver amnesty scheme for disputes resolution covering the financial years from 2017 to 2020, Gopal noted that the benefit has been extended to the taxpayer who has availed credit before November 30, 2021 with respect to invoices pertaining to the above three years. An amendment has also been carried out to make self-invoice raised by the recipient as the document for taking credit in case of reverse charge tax payment, he pointed out.

The speakers also welcomed the proposal to further streamline and rationalise the GST tax structure, besides expanding the tax base to the remaining sectors.

Infopark organised the analysis on Friday evening to analyse the policies and programmes suitable for the country's development and industry, focusing on IT.

ENDS