Key takeaways

• The Narendra Modi-led government in India presented its annual budget for 2017-18 on February 1, 2017, a month ahead of schedule.  The budget has been keenly anticipated in light of the volatility created by the recent demonetisation of high-value currency notes, as well as significant changes to India's tax regime (including amendments to some of India’s key international tax treaties and the impending implementation of the GAAR and GST regimes from April 1, 2017).
• The government has laid strong emphasis on stability, transparency and growth, and announced several measures that should ease the challenges of doing business in India - an area in which India has consistently lagged behind on the global stage.
• This update discusses some key provisions of the budget, including the abolishment of the Foreign Investment Promotion Board, concessions for foreign investment in the debt market, tax exemptions for foreign portfolio investors and the implementation of the GST regime.