- 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
- 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
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