When Hon’ble Finance Minister rose to present the Union Budget for the fiscal year 2021-22 (“Budget”), she had a humungous task at hand. An economy which was already crippled by a global slowdown, got further pushed into an unprecedented crisis due to COVID-19 and the lockdowns.
The Budget rests on six pillars, namely, health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D and minimum government and maximum governance. Tax proposals contained in the Budget are in line with these objectives and give fillip to domestic manufacturing to meet the vision of ‘Aaatmnirbhar Bharat’ and ‘Make in India’.
For a snapshot of the key tax proposals under the Budget, please click here.
This Budget Update has been prepared by the JSA Tax Team (Direct and Indirect Tax). For further details, please contact [email protected]