[Opinion] Budget 2024-25 | A Brief Insight on GST Proposals

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  • 2 Min Read
  • By Taxmann
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  • Last Updated on 29 July, 2024

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GST Proposals

Dhruvank Parikh – [2024] 164 taxmann.com 656 (Article)

  • The Honourable Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman for the 7th consecutive time on 23rd July, 2024 presented the Union Budget for FY 2024-25 with a vision of ‘Viksit Bharat‘ by 2047. The vision for ‘Viksit Bharat’ is that of

‘Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all the citizens and all regions to reach their potentials.’

 

  • The relevant extracts from the speech of the Honourable Union Minister of Finance and Corporate Affairs is reproduced as under:

“115. I start with GST. It has decreased tax incidence on the common man; reduced compliance burden and logistics cost for trade and industry; and enhanced revenues of the central and state governments. It is a success of vast proportions. To multiply the benefits of GST, we will strive to further simplify and rationalise the tax structure and endeavour to expand it to the remaining sectors.”

 

  • The Budget focuses on the following:
    THE FINANCE (NO.2) BILL, 2024 AS INTRODUCED IN LOKSABHA ON 23RD JULY, 2024
  • Buoyed by GST’s success, tax structure to be simplified and rationalised to expand GST to remaining sectors.
  • All the changes in connection to GST as proposed in the Union Budget 2024-25 vide Finance Bill 2024 shall come into effect from a date to be notified and various proposals shall become effective from a retrospective date once the said proposals are notified 
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