The government might continue to review the custom rates until there is a local manufacturing and exports.
The centre is making the revenue projection for FY24 which might boost the economic growth without the assumption of higher revenue and the windfall tax on petroleum . This implies only to the windfall profits as of now.
The GST council too is setting up to tribunals and the taxation regime for online gaming, horse racing, casion, meeting rooms and many others. The revenue projections are in context to the GDP growth which is 10.5% in terms and accordance with the current GDP rate. There is an hope for the betterment of the issue and the tax debates. These have been factored in the projections so far. Due to this, the buoyancy might get a little lesser.
As a part of the customs, the exise duty on cars might hike up above the marginal like. The fiscal amount is estimated to be Rs.25000 crore. This is a difficult year to estimate the cost.
In case of petrol, the idea was removed from the review list within a span of 15 days. There might be a case of levy windfall tax. If this is not the case, the idea will be withdrawn.
The GST collection is stimulated to be 13.5 million this year to a jump to 14.5 trillion next year. This included automobile sector as well. In the next meeting a decision will be made regarding the taxation on online gaming, racing and casions. It has to have a quick call to action