Major reforms expected by key sectors in Budget 2024, will it deliver?
With the first Union Budget after the Lok Sabha elections all set to be unveiled, there are great expectations regarding major policy and tax reforms. These expectations include: A new subsidy scheme similar to FAME II with a more comprehensive coverage; Streamlining policies towards R&D efforts in battery technology and grid integration for development of a widespread and reliable charging infrastructure; Focus on localisation of manufacturing of semiconductor chips; and direct tax incentives to boost the EV sector. India could progress towards this ambition in record time by incentivising companies investing in renewable energy, electric vehicles and other renewable technologies through additional deductions and exemptions for this sector. Also, the capital gain taxation regime should be simplified and the overall tax rates should be reduced considering the rising volume of such transactions amongst the masses. Revisiting and reframing the newly inserted clause in section 43B of the Income-tax Act, 1961: As a reaction to the working capital problem posed by the aforesaid new clause, quite a few large and medium enterprises have started cancelling orders with registered SMEs and placing orders with unregistered SMEs, or forcing SMEs to forsake their registrations, exercising their financial influence.
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