Auditors Brace for Sweeping Changes in Budget 2024
With India aiming for $5 trillion GDP, Budget 2024 is set to unleash structural and compliance changes to accelerate growth in a disciplined manner. Auditors are expecting revamps across direct and indirect taxation, financial reporting norms, and newer disclosures as policy priorities evolve.
Audit leaders foresee the possibility of a separate oversight body for setting Indian accounting standards. This aims to keep standards updated and attuned with economic needs instead of solely mirroring global IFRS rules.
GST audits are likely to intensify as anomalies, errors and fraudulent claims divert revenues. Customs duty rationalization in sync with self-reliance goals is predicted. As BEPS provisions kick in, transfer pricing documents and assessments will transform.
Crypto taxation rules may see reworking with classification complexities arising from DeFi platforms, Web 3.0 ecosystem and an expansive asset universe. Environmental taxes could emerge as sustainability focus sharpens.
Auditors anticipate more disclosures around corporate ownership, funding structures and value creation policies as transparency expectations increase among global investors. Overall, the emphasis is to balance ambition with compliance rigor.
While sweeping changes bring disruption, auditors see them as necessary milestones towards building robust and equitable growth. Expert guidance from auditors will be indispensable for India Inc. to adapt seamlessly and realize national aspirations.
Exciting times ahead as auditors equip enterprises for the next growth leap!
Established in 2014, 4i Advisory (4iAdvisory) is a globally-connected and locally-rooted financial services company in India. Led by world-class, multidisciplinary team of seasoned experts, we specialize in taxation (domestic and international), mergers & acquisitions (M&A), compliance, succession planning, restructuring and audit, among others.
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