in order to boost the make in india initiative the union budget has proposed several measures including customs duty rationalization by santosh dalvithe last financial year has seen the global economic uncertainties on account of geopolitical tension between usa china and usa iran weakening global economic performance this has also resulted into decelerating growth of india economy along with other factors such as reduction in demand and consumption patternhaving said that the recent global events such as usachina bilateral trade discussions and receding tension at middle east coupled with gradually improving private investment and consumption pattern the indian economy is showing the sign of revival advt to accelerate the economic growth the government was expected to take tough steps to improve the fixed investment government as well as private and demand potential through union budget 2020 the finance minister has made amendments to achieve the said objectivethe finance minister has followed the globally emerging trend of protecting the domestic industries for selfreliance and accelerate growth in order to boost the make in india initiative the union budget has proposed several measures including customs duty rationalizationthe union budget has proposed to eliminate reduce unwarranted customs duty exemptions and concessions to discourage import of goods across various sectors such as dairy agriculture auto industry electronic goods footwear toys etc the said proposal should promote manufacturing facilities in india leading to increase fixed investment employment opportunities and improved consumption potentialthe union budget has also proposed various measures in relation to antidumping and safeguard from import of poorquality goods in india meeting its objective of sustainable growth and environment protection healthcare being one of the core reform agenda of the government the new health cess has been proposed to be levied on import of medical devicesthe same shall be used for healthcare service initiatives furthermore the finance minister has announced prospective measures to strengthen rules of origin to prevent misuse of concessional customs duty benefit for import of goods from fta countries advt in the last financial year indirect tax collection has contributed about 46 of gross tax revenue amidst weakening economic environment and decelerating gdp gst collections have matured over last couple of quartersthe budget has reiterated governments focus on continuous gst reforms in the form of introduction of simplified returns coupled with electronic invoicing system aadhaar based verification improved data analytics for streamlining refunds and itc egovernance etcthe writer is partner and deputy head indirect tax kpmg in indiadisclaimer the views expressed are solely of the author and etautocom does not necessarily subscribe to it etautocom shall not be responsible for any damage caused to any personorganisation directly or indirectly read alsotop hits and misses of union budget 202021six things that the budget has for an ailing economy et contributors published on feb 2 2020 at 1245 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click