From an indirect tax perspective, the 2021 budget made several announcements, primarily focused on two key topics, namely, penalizing fraudulent transactions and reducing the burden of compliance.
GST Electronic invoicing compliance must be done for all B2B invoices, direct debits and credit notes.
The 2021 budget, announced by the Minister of Finance on February 1, 2021, proposed numerous changes in various financial sectors.
The most common are the lack of adequate financial knowledge and pressure from advisers / agents due to higher commissions for insurance products.
The Government of India is offering the implementation of 18% GST on Cryptocurrency.
According to a statement, 30 to 40 percent of goods entering Delhi were affected by the protests, which affected business activities.
Finance minister Nirmala Sitharaman in her 2021 Budget announcement announced a cut down series of tax reforms and an increase in healthcare spending of Rs 35,000 to develop Covid-19 vaccines.
With record GST collection forecast at Rs 1.21-1.23 lakh crore in January, the absence of GST from the government may be reduced to low of Rs 11,000 crore, according to a report.
On February 1, the Finance Minister, Nirmala Sitharaman, presented the country’s Union budget. Thanks to the corona epidemic, many sectors of industry have suffered a significant loss of corona. The bullion industry also suffered tons of losses in troubled sectors.
The market is expected to remain highly volatile given the Union budget and the current earnings season, experts say. If the budget doesn’t meet high expectations, the markets can still slip.