Addressing the session Sh. Arvind Shrivastava, IAS, Revenue Secretary, Ministry of Finance, said the Union Budget 2026–27 marks a structural redesign of India’s tax administration framework, aimed at empowering taxpayers while reducing procedural friction and discretionary intervention. He highlighted reforms such as extended timelines for revised and updated returns, the ability to update returns even during reassessment proceedings, combined issuance of assessment and penalty orders, and settlement mechanisms to reduce disputes. He also outlined the transition from transaction-based scrutiny to trust-based, entity-level compliance supported by digital systems, audits and risk-based monitoring for importers, exporters, authorised economic operators and customs warehouses.

The macroeconomic context of the Budget was outlined by Dr. V. Anantha Nageshwaran, Chief Economic Adviser, Government of India, said the Budget continues the accelerated reform momentum underway since early 2025 and reflects strong alignment with the Economic Survey. He highlighted the emphasis on urbanisation with cities as economic systems, sustained support for MSMEs through credit guarantees, payment discipline and dedicated manufacturing funds, and targeted policy backing for manufacturing in a geopolitically fragmented world. He also pointed to continued fiscal consolidation, record infrastructure investment of ₹12.2 lakh crore and improving sovereign credit metrics that together support stable, non-inflationary growth.

Speaking on growth and industry impact, Sh. Anil Gupta, Senior Vice President, PHDCCI, said the Budget has been presented at a pivotal moment for the Indian economy and reinforces the Government’s commitment to fiscal prudence, growth acceleration and the vision of Viksit Bharat. He highlighted the strong focus on capital expenditure, infrastructure and manufacturing, including measures such as the ₹10,000 crore SME Growth Fund, revival of legacy industrial clusters and the Viksit Bharat Rozgar Yojana, alongside the positive impact of recent trade agreements on industry and employment.

Sharing industry feedback on direct taxes, Sh. Mukul Bagla, Chair, Direct Taxes Committee, PHDCCI, said the Budget reflects constructive stakeholder engagement, with several industry recommendations incorporated. He highlighted measures such as reduction in TCS rates, extended timelines for revised and updated returns, taxation of buyback proceeds as capital gains, exemption for compulsory acquisition of land, rationalisation of penalties and a lower stay-of-demand requirement, all of which enhance certainty and reduce litigation. He also flagged concerns around high effective personal tax rates, delays in faceless appeals and challenges in rectifying legacy demands, calling for further administrative improvements.

Sh. Ashok Batra, Chair, Indirect Taxes Committee, PHDCCI, said the indirect tax proposals address several long-pending industry concerns despite a limited number of amendments. He highlighted the redefinition of intermediary services to allow export benefits, faster provisional refunds in inverted duty cases, and rationalisation of post-sale discount provisions as measures that will significantly reduce GST litigation. He also welcomed customs duty rationalisation, extended validity of advance rulings, simplified warehousing procedures and relief measures for exporters, while underscoring the need for early resolution of legacy GST disputes.

Sh. Gurmeet Chadha, Chair, BFSI Committee, PHDCCI, said the Budget underscores the quality of government borrowing, with net borrowing broadly aligned with capital expenditure, signalling a clear focus on infrastructure-led growth rather than revenue spending. He noted that India’s macroeconomic position remains structurally strong with high growth and low inflation, and welcomed the momentum in trade negotiations as a positive signal for long-term investors and capital markets.

Ms. Pallavi Dinodia, Co-Chair, Direct Taxes Committee, PHDCCI, said Budget 2026 represents a decisive shift towards a simplified and trust-based tax regime. She welcomed the implementation of the new Income Tax Act from 1 April 2026, streamlined return-filing timelines, the one-time foreign asset disclosure amnesty, rationalisation of TCS on foreign remittances and alignment of ICDS with Ind AS. She emphasised that timely notification of rules and faster disposal of pending appeals will be critical to deliver the intended ease of compliance.

Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI, said the Union Budget 2026–27 reflects months of rigorous institutional effort, extensive data analysis and continuous stakeholder consultation. He placed on record PHDCCI’s appreciation for the team led by Hon’ble Finance Minister Smt. Nirmala Sitharaman and emphasised that effective on-ground implementation through close government–industry partnership will be critical to translating policy intent into tangible outcomes.

On the occasion, PHDCCI released its analytical publication on Union Budget 2026–27, outlining the Budget’s fiscal stance, capital expenditure strategy, infrastructure and manufacturing priorities, employment initiatives and the evolving framework for federal finances, while the discussions underscored that effective implementation and sustained government–industry collaboration will be crucial to translating these policy measures into tangible economic outcomes.

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Highlighting key measures, the Minister said the exemption of basic customs duty on parts and components used in civilian and trainer aircraft will address existing manufacturing bottlenecks and improve aircraft availability. He noted that enhanced domestic manufacturing is essential to bridge the connectivity gap, as the country’s growing airport network requires a larger and more affordable aircraft fleet.

Naidu also pointed to rising global interest in India’s aviation sector, citing partnerships such as Embraer’s collaboration with Adani Aerospace and Defence and a proposed tie-up between Russia and Hindustan Aeronautics Limited. The Budget further proposes duty exemptions on raw materials for aircraft MRO in the defence sector and a one-time concessional duty measure to facilitate SEZ sales to the domestic market, aimed at accelerating growth across civil and defence aviation.

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Recognized as the growth engine of agriculture and allied activities providing livelihoods to rural households, the animal husbandry sector has received a significant boost in the Union Budget 2026–27, with an allocation of Rs 6,153.46 crore – up 16% from last year. The Budget also announced a Rs 500 crore Integrated Scheme for Entrepreneurship Development to expand employment through credit-linked subsidies, modernise livestock enterprises, build integrated dairy and poultry value chains and promote Livestock Farmer Producer Organisations, thereby fostering entrepreneurship and rural development.

The Budget will add 20,000 veterinary professionals and through a loan-linked subsidy scheme, support new veterinary and paravet colleges, hospitals, labs, and breeding facilities. Targeting India’s 53 crore livestock, including 30 crore dairy animals, the initiative also encourages global collaborations to drive innovation. Dr Meenesh Shah hailed it as a milestone for the sector.

In addition to the existing provision allowing full deduction of profits and gains for primary cooperative societies engaged in supplying milk, oilseeds, fruits, or vegetables raised by their members, this benefit has now been extended to cattle feed. With primary cooperatives selling about 102 lakh metric tonnes of cattle feed annually, this move will significantly reduce their tax burden, ensuring better returns for farmer members. India’s dairy cooperatives already return over 75% of the consumer rupee to producers, and this initiative will further enhance pay-outs, putting more money directly into farmers’ hands.

Chairman, NDDB welcomed the Budget move allowing inter-cooperative society dividend income as deduction under the new tax regime to the extent it is further distributed to its members, fostering investments in multistate cooperatives under Sahkar se Samriddhi. A three-year exemption on dividend income for notified national cooperative federations on their investments made in companies up to 31.01.2026, if further distributed to its members cooperatives, will further strengthen profitability and enable higher pay-outs to member institutions.

The Centralized Bio-CNG Model turns dairy waste into clean transport fuel and organic fertilizer, advancing circular economy goals. As announced in the Union Budget, the entire value of biogas while calculating the Central Excise duty payable on biogas blended CNG to be excluded which will be a major boost for scaling large Bio-CNG models nationwide, strengthening sustainability and promoting natural farming through organic fertilizer by-products.

In a nutshell, Chairman, NDDB described the Union Budget 2026–27 as one that ticks all the right boxes – providing impetus to agriculture, dairy and allied sectors, improving capital efficiency, reducing tax distortions across cooperatives and thereby boosting farmers’ incomes and employment opportunities.

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According to Mr. N. Jaideep Reddy, President, CREDAI Hyderabad, said: ” The budget provides a focus on urban development and boosting future technologies like AI, bio Pharma research with special benefits for IT and software services and tax holidays for Data Centre which are growth drivers for Hyderabad. This would further drive the growth of the city. However the specific levers for triggering demand for housing , particularly affordable housing did not get adequate attention. We look forward to some subsequent announcements on tax incentives and stimulus for affordable housing.

According to Mr. B. Jagannath Rao, President-Elect, CREDAI Hyderabad, said: “The Union Budget 2026-27 is a blueprint for a ‘Viksit Bharat’ with a clear emphasis on urban infrastructure and manufacturing. The incentives for municipal bonds and the focus on high-tech construction equipment will modernise the way we build. However, for the ‘Housing for All’ mission to reach its full potential, we look forward to more direct interventions in the form of tax rationalization for home buyers and developers in the coming months.”

Mr. Kranti Kiran Reddy, General Secretary, CREDAI Hyderabad, added: The budget has a long term vision for growth and aligns well for sustainable development but lacks specific drivers to directly impact the real estate sector. Moreover, while the budget focuses on “Tax Certainty,” the documents do not explicitly outline a reduction in Long-Term Capital Gains (LTCG) tax for immovable property, which remains a key demand to stimulate secondary market transactions.”

Positive Highlights for the Industry:

*Boost to Construction Equipment:* The budget’s focus on strengthening domestic manufacturing of high-value and technologically advanced construction and infrastructure equipment is a welcome move that will likely lead to better cost efficiencies for developers in the long run.

Urban Infrastructure & Municipal Bonds:

The government has proposed an incentive of ₹100 crore for single issuances of municipal bonds exceeding ₹1,000 crore. This is a significant step toward empowering urban local bodies to fund large-scale infrastructure projects, which directly benefits real estate development.

Strategic Urban Planning: The proposal to develop five University Townships near major industrial and logistic corridors will create new hubs for growth and residential demand.

Continuation of AMRUT: The extension of the AMRUT scheme ensures continued support for water supply, sewerage, and urban greenery, which are essential for sustainable housing projects.

Ease of Compliance: The extension of the timeframe for revising tax returns to March 31st and the introduction of a one-time 6-month foreign asset disclosure scheme provide much-needed flexibility and transparency for taxpayers, including property investors.

Areas of Concern and “Missed Opportunities:

Capital Gains Tax Clarity: While the budget focuses on “Tax Certainty,” the documents do not explicitly outline a reduction in Long-Term Capital Gains (LTCG) tax for immovable property, which remains a key demand to stimulate secondary market transactions.

Affordable Housing Stimulus: 

While the budget focuses on the underprivileged through the government’s ‘Sankalp’, the industry was hoping for specific new tax bates or interest subvention schemes to revive the affordable housing segment, which has seen a slowdown.

Industry Status: The long-standing request for granting “Infrastructure Status” to the entire real estate sector (currently limited to affordable housing) was not explicitly addressed in the primary highlights, which would have enabled easier access to low-cost institutional credit.

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The Finance Minister said that the government will restructure the Power Finance Corporation and Rural Electrification Corporation. She also said that total return swaps on corporate bonds will be introduced for suitable access to funds and derivatives on corporate bond indices. She said, an incentive of 100 crore rupees for a single bond issuance of more than 1000 crore rupees will be provided to encourage the issuance of municipal bonds of higher value by large cities.

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