The Union Budget has adopted a pragmatic approach to boost consumption and investment, focusing on rural development, infrastructure and digitisation. On the tax policy front, a few clear themes have emerged: First, consistency in policy, evident from the absence of too many changes in the fine print; second, certainty and clarity on contentious issues, to avoid disputes and litigation; and third, widening of the tax net through multiple measures. Some provisions are likely to impact mergers and acquisitions, corporate re-structuring and investment planning in future.
Global companies have lots of leeway to structure their investments in different tax jurisdictions, especially in
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