Few would disagree that the first term of the Modi government brought in bold tax reforms, including the introduction of a nationwide goods and services tax, demonetization and a crusade against “black” money, abolition of the capital gains tax exemption on on-market transactions, and closure of the Mauritius tax treaty route.
It is small surprise that despite the convention of governments presenting a modest budget before general elections (scheduled for May), the business community harboured some hope that the Modi government’s interim budget would address a few, if not all, tax issues affecting them.
However, sticking to convention, the government did not make any significant policy or tax-related announcements. The policy announcements were largely agrarian/rural focused or targeted small and medium-level enterprises.
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