On February 3rd, an interactive session on ‘Decoding the Union Budget 2023-2024: Impact and Way Forward’ was organized by AMCHAM’s Western Region in Mumbai in a hybrid mode. The session commenced with Ms. Iram Siddique, Regional Director – Western Region, AMCHAM welcoming speakers and participants followed by an introduction of the expert speakers. Mr. Hitesh Sharma, Partner, International Tax and Life Science Industry Tax Head, EY India, set the stage by sharing a backdrop of the past year leading up to Budget 2023. Through a detailed presentation and dialogue, Mr. Sharma delved into individual, direct tax proposals with a focus on tax incentives, measures provided to stimulate growth and the upcoming changes in pharma and gaming industry. Mr. Rahul Kakkad, Partner, EY India touched upon valuation play between direct tax and exchange control, online gaming act, the question over evaluation of online gaming activity and the coverage of gift act issues. He also spoke on changes in laws governing payments to MSMEs, relaxation on completing of assessments, reassessment proceeding under compliance and authority given to the joint commissioner to dispose the appeals to reduce pendency of litigation. Mr. Suresh Nair, Partner, Indirect Tax, EY India, shared his expert insights on indirect tax proposals, elaborated on the GST proposal and GST on sale of warehouse goods. He also touched on reverse credit reversal, Input Tax Credit (ITC) on CSR, customs duty changes, central sales tax, duty rationalization to promote Make in India, changes impacting e-commerce operators and digital supplies. Other focus area during the session included amendments to provisions related to anti-dumping duty, countervailing duty, safeguard duty to clarify the intent and scope of such provisions. An interactive Q&A followed. The event concluded with closing remarks and a vote of thanks by Mr. Anand Vijay Jha, Managing Director – Government Relations, Blackstone Advisors India.
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