Non-Tax Initiatives Proposals
- Expand and strengthen the electric vehicle (e-vehicle) ecosystem by supporting manufacturing and charging infrastructure.
- Investment in post-harvest activities including activities including aggregation, modern storage, efficient supply chains, primary and secondary processing, marketing and branding.
- Execution of economic railway corridor initiatives to enhance connectivity in key sectors like energy, mineral, and cement corridors, specifically targeting the development of corridors for port connectivity as well as those experiencing high traffic density, strategically designed to optimize logistics efficiency, with focus on cost reduction.
- With a view towards meeting commitment for ‘net zero’, viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of one giga-watt.
- Enhance and fortify the e-vehicle ecosystem by providing substantial support to both manufacturing and charging infrastructure to boost the domestic e-vehicle industry.
Tax initiatives
- Direct Taxes Proposals
- Existing corporate tax rates to be retained.
- No change in indirect tax including import duties.
- Eligible start-ups incorporated till March 31, 2025 to be entitled for claiming benefits u/s 80-IAC.
- Income arising from transfer of specified capital assets on a recognised stock exchange in an IFSC, to investment division of offshore Banking Units shall not be included in the total income for such units which has commenced its operation on or before March 31, 2025.
- Timeline for issuing notification for Faceless Assessment Scheme for Transfer Pricing assessments, proceedings with Dispute Resolution Panel, Faceless appeals to ITAT and procedure of ITAT is extended March 31, 2025.
- Withdrawal of old direct tax demands of up to INR 25,000 till FY 2009 and INR 10,000 for 2010-11 to 2014-15.
Indirect Taxes Proposals
- Definition of Input Service Distributor (ISD) to be substituted to include distribution of input tax credit against invoices of services liable to be tax under Reverse Charge Mechanism in the specified manner under CGST Act,2017.
- Section 122A under CGST Act, 2017 to be inserted for imposing a penalty of INR 1 lacs for unregistered machines used in the manufacture of goods.
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