On Thursday, 1 February 2024, the Hon'ble Finance Minister, Nirmala Sitharaman, presented the Interim Budget 2024 in the Lok Sabha. We bring you the key amendments proposed in Finance Bill 2024 with respect to Aerospace and Defence Sector.
The Government of India maintains its focus on defence modernization and indigenous manufacturing and continues to receive the highest allocation among all ministries. In a new initiative, the Government plans to introduce a scheme aimed at fortifying deep-tech technologies for defence purposes, thereby propelling indigenous innovation and advancement of cutting-edge technologies.
Additionally, one of the key proposals in the Finance Bill 2024 is the extension of the sunset clause from 31 March 2024 to 31 March 2025 for International Financial Services Centre (IFSC) units engaged in leasing of aircraft/ships and availing certain tax exemptions linked to commencement of operations by these units. This extension is seen as a positive step towards promoting leasing business in the IFSC.
