On Tuesday, 23 July 2024, the Hon’ble Finance minister, Nirmala Sitharaman, presented the Union Budget 2024 in the Lok Sabha. We bring you the key amendments proposed in Finance Bill 2024 with respect to Defense Sector.
While the overall allocation between capital and revenue expenditure remains same when compared with interim budget, there is a marginal increase towards investment in public sector enterprises. The Government continues its focus on defense modernisation and self-reliance, and momentum strengthens on gearing up of border infrastructure.
Nil BCD on import of components and consumables for manufacturing of specified vessels and on technical documentation and spare parts for construction of warships is a welcome move to promote domestic manufacturing. Further, extension of current Custom Duty exemption available on specified products is in line with the industry expectation.
