India's 2017-18 Union Budget provides impetus for an
economic recovery after demonetisation.
The new budget announced in February is in line
with the agenda to transform, energise and clean (TEC) India, with
plans to fight black money, digitise the economy and improve the
ease of doing business by reducing the administrative burden.
Here are six key takeaways from the 2017-18 Indian budget for
businesses:
1. New taxation system
The new Indian taxation system is a major reform to improve
operational efficiency. The Goods and Services Tax (GST) Council
has finalised its recommendations on most of the issues relating to
the new tax regime, which is expected to take effect from July 2017
with no definite date of enactment confirmed by the regulators yet,
as it is pending for regulatory approval from the Parliament.
Preparation of the government's IT systems for GST is on time,
and the first promotional activities are due to begin from 1 April
2017.
