Union Budget 2024: India's direct tax mopup growing faster than GDP

CHALLENGES

> Better compliance from businesses, as well as inflation contributed to record collections. Sustainability of this growth is likely to be closely watched

> Higher collections have also resulted in calls to simplify the goods and services tax (GST) structure, which can be challenging given contentious issues such as the inclusion of petrol under GST

TAKEAWAYS

> Intent to simplify and rationalise the tax structure under GST. There will also be a move towards expanding it to other sectors

> Simpler TDS structure and tax regime for charities. Changes to reassessment and search provisions and capital gains taxations