How Budget 2024’s Indirect Tax Changes will affect Business and Consumers

The 2024 Budget introduces several key indirect tax changes affecting businesses and consumers. It maintains current GST and import duty rates, ensuring no immediate increase in consumer prices from tax adjustments. There are modifications in the CGST Act, including changes to sections 2(61) and 20, and the introduction of section 122A, aiming to streamline GST compliance. Additionally, the budget extends existing tax benefits for startups, International Financial Services Centers (IFSCs), and investments by sovereign wealth and pension funds until March 2025. This continuity provides stability for businesses and consumers, avoiding abrupt fiscal changes while promoting investment and innovation.