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Key amendments proposed in Union Budget 2024 in respect of chemical sector
The Hon’ble Finance Minister, presented the Union Budget 2024 on 23 July 2024 in the Lok Sabha.
The Indian economy has shown resilience in the recent years despite the global geopolitical and economic challenges, and has emerged as the fastest growing G20 economy. It has been supported by the chemical industry which has emerged as one of the sunrise sectors and is expected to reach US$300b by FY 2025. As India continues to emerge as one of the key chemical producers in the world, the chemical industry awaited Budget 2024 with an expectant eye.
We bring you a detailed analysis on tax and regulatory amendments announced by the Hon'ble Finance Minister in her budget speech in respect of chemical sector.