Uncertainties with MOOWR Scheme:
There's a program called the MOOWR Scheme meant to encourage our industries to be part of the global market. However, recent changes in the rules have raised questions, especially for companies planning to grow and import goods. People hope the budget will clear up these uncertainties and help our industries grow and compete globally.
GST Input Tax Credit and Credit Barriers:
There's an idea to allow businesses to get back some of the taxes they paid, which sounds promising. Also, there's a hope that some restrictions on getting credit for things like infrastructure, employee costs, and property expenses may be eased, giving businesses more money to work with.
GST Pre-Deposit for Appeals:
Filing an appeal for a tax issue requires putting down some money first. This has been a bit hard for small and medium-sized businesses. The budget might change the rules to make it easier for them to appeal without putting down so much money.
Zero-Rating of Services by IT/ITeS:
Some services that are exported are being taxed more than they should be. People are hoping the budget will fix this and make it fair for businesses that sell services to other countries.
Revision of GST Returns:
Right now, businesses can't easily fix mistakes in their tax returns. The hope is that the budget will allow them to make changes more easily when they make a mistake without causing a lot of problems.
Industry Expectations:
While everyone is waiting to see if taxes on certain products will go down and if there will be any big changes in the budget, most people think it might not happen. Still, they're hopeful that the budget will help our businesses trade globally, grow locally, and make doing business easier.