In line with the recently unveiled Union Budget 2024 by Finance Minister Nirmala Sitharaman on July 23rd, AIRIA-Western Region organized a comprehensive Webinar on 'Post Budget Analysis 2024'. The webinar featured expert analysis from Lakshmikumaran & Sridharan Attorneys, a full-service law firm founded in 1985 with 14 offices and over 400 professionals specializing in corporate & commercial laws, dispute resolution, taxation, and intellectual property.

Partners Srinidhi Ganeshan, Nirav Sanjay Karia, S Sriram, and Chaitanya Bhatt of Lakshmikumaran & Sridharan Attorneys decoded the Union Budget 2024 for the participants. Chief Guest Dharmesh Dhanani, Editor of Rubber India, AIRIA, and Proprietor at Elphiepoly, encouraged active participation in such initiatives. "These initiatives are a step towards educating members of AIRIA and the industry by spreading knowledge on complex subjects, helping decode various nuances in the technical documents. I request everyone to wholeheartedly participate in these online initiatives of AIRIA to gain the most of it", expressed Mr. Dhanani.

The webinar highlighted various sections and policies discussed in the Budget speech, addressing major ambiguities around some provisions. The team shed light on new introductions such as the proposed insertion of Section 11A in the GST Act, aimed at removing ambiguities and to be invoked only in exceptional cases. Key points discussed included Manufacturing and Other Operations in Warehouse (MOOVR), customs-related exemptions for various rubber articles and products, exemptions for mobile phone related rubber products, updates to the Vivad Se Vishwas Scheme 2024, and the decriminalization of various offenses.

The conference featured an in-depth analysis of both direct and indirect tax proposals contained in the recent budget, with experts providing valuable insights on various aspects, reinforcing the government's commitment to simplifying and rationalizing the tax regime.