The new government's maiden Budget introduces significant changes impacting businesses, including revisions to the capital-gains regime, dispute settlements, reassessments, buy-back taxation and the FDI rules. Significantly, the tone of the Budget speech mirrored this year’s Economic Survey, signalling a coordinated approach to economic policymaking. Notably, the Finance Minister has set a six-month timeline to introduce a new Direct Tax Code, replacing the outdated 1961 law. Additionally, a committee will review customs tariff duty structures, with recommendations expected soon. 

At a recent India CFO Forum session in Delhi, Mukesh Bhutani, Managing Partner, BMR Legal, reviewed these changes and outlined the likely future direction of tax law and investment-related rules and regulations. This podcast summarises these discussions.