Honorable Finance Minister Nirmala Sitharaman presented first budget of “Amrit Kaal” on February 1, 2023. The key focus was boosting domestic manufacturing and value addition as various BCD exemptions have been reviewed and withdrawn. Under GST, highlights included barring ITC on CSR expenses, restriction on filing of GST returns beyond 3 years from due date, introduction of penalty on E-Commerce Operators for defaults of vendors supplying through their platform etc. The Government has also given effect to several decisions taken in 48^th GST Council meeting like decriminalization and compounding of certain offences.

Pleasse click on the below link to ‘NITYA Insight | Union Budget 2023’ containing our insight on amendments in the Customs Laws, GST Laws and Other Laws including our analysis of their impact on industry.

NITYA Insight I Union Budget 2023