New Delhi: The Interim Budget 2024 being vote on account, might not see any major announcements from Finance Minister Nirmala Sitharaman. However experts and analysts are hoping that the government might come up with announcements towards ease of doing business.
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“With GST collections showing healthy growth, the government can consider enhancing the threshold for GST registration to Rs 40 lakh which currently is at Rs 20 lakh. Further, while the GST council had proposed to make ISD mandatory for the distribution of credit, so we might see changes in GST legislation related to that. Further, on the customs front, there is a dire need to digitalize the process to verify the certificate of origin under FTA / PTA which will save time and effort for importers claiming benefits under FTAs / PTAs,” Ankur Gupta, Practice Leader – Indirect Tax at SW India said.
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Srivatsan Sridhar, Founder and CEO, Skydo said that there is a need for clear guidance on the necessity of GST registration for businesses that are entirely focused on exports, considering their supplies are zero-rated.
“Another key expectation is the simplification of the Input Tax Credit (ITC) refund process for exporters.
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The current disparity between the documentation requirements of the Foreign Exchange Management Act (FEMA) and GST is a significant hurdle,” Sridhar added.
