The post-election Union Budget of 2019 is primarily aimed at promoting foreign inward investment and broadening the tax base. While the Budget provides some respite to India Inc. by lowering tax rates and providing clarifications to reduce litigation, it has introduced new levies to prevent tax evasion.

The Budget 2019 aims at further incentivising foreign investment into India and protecting the exchequer's interest through speedy, efficient and greater tax recovery. The focus has been on rationalization of provisions, broadening the tax base to increase tax recovery and improving tax administration. To this effect, a concerted effort has been made to remove ambiguities in tax laws to reduce litigation and encourage efficient dispute resolution. With an aim to promote alternate investment funds, spur the growth of start-ups and remove fetters to the application of Insolvency and Bankruptcy Code, the Budget seeks to provide a boost to doing business in India. Tax incentives have been proposed to discourage growth of a cash economy. From a Goods and Services Tax and customs standpoint, the Budget aims at promoting the 'Make in India' scheme and incentivises manufacturing in India.

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