The “first Budget in Amrit Kaal“, as stated by Hon’ble Finance Minister when she rose to table the last Union Budget before the general elections next year, aims to tick as many boxes as it could, without derailing Government finances. With fiscal deficit at 6.4% of GDP for FY 2022-2023, the Finance Minister has set the target fiscal deficit for FY 2024 at 5.9% and reaffirmed the commitment to sub 4.5% fiscal deficit by FY 2026.
The tax proposals contained in the budget aim at continuing the government’s efforts towards rationalization and simplification of the tax rates, reduce the compliance burden, promote exports, and boost domestic manufacturing. There are some forward-looking proposals such as statutory recognition for tax residency certificates to be considered sufficient proof for availing the beneficial provisions of tax treaties. Though proposed for a restrictive purpose, it will help codify Government’s repeated assurances to foreign investors on sufficiency of tax residency certificates to avail treaty benefits.
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