Making the regime less taxing: Pain points & what's on offer in Budget

New co-operatives commencing manufacturing activities till March 31, 2024, will get the benefit of a lower tax rate of 15% , currently available to new manufacturing companies

tax
Photo: Shutterstock
Business Standard
1 min read Last Updated : Feb 01 2023 | 10:43 PM IST
Pain points
  • Despite an 11.5% increase in tax revenues over the previous year, there will be no change in the tax-to-GDP ratio. The tax-to- GDP ratio for 2023-24 will be 11.1%, similar to 2022-23 (Revised Estimates)
  • The collections from excise duties are expected to decline in 2023-24 compared to 2021-22. Excise duties will increase only 6%  compared to 2022-23, whereas Customs duty will register  11%  growth

What’s on offer
  • New co-operatives commencing manufacturing activities till March 31, 2024, will get the benefit of a lower tax rate of 15% , currently available to new manufacturing companies
  • Extension of tax benefits to funds relocating to IFSC, GIFT City till March 31, 2025. Eligibility for start-ups extended by one year to avail of tax benefits. Start-ups incorporated before April 1, 2024, can avail of tax benefits

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Customs dutyBudget 2023tax

Next Story