Budget 2023 Expectations quote by Mr. Manish Mishra, Partner, JSA on Budget 2023 Indirect Tax Expectations

“From an Indirect tax perspective, it is widely anticipated that the Government may bring in Amnesty schemes for settlement and resolution of pending Customs and GST litigation. This coupled with a definitive and time-bound commitment towards constitution of GST Appellate Tribunals would be affirmative steps towards clearing past litigation and providing speedier dispute resolution. The Budget is expected to further the Make-in-India initiative by reducing the customs duty rates for components/ parts/ raw materials whereas simultaneously hiking the Customs duty rates for finished goods to curb imports in some of the key sectors including Electric Vehicles, renewable energy and manufacturing. Conditions/ restrictions with regard to availment of GST credits may be relaxed to allow availment of credits on certain key spends by organizations such as employee and health insurances etc.”- Mr. Manish Mishra, Partner, JSA on Budget 2023 Indirect Tax Expectations.