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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

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Business Standard
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