Finance Minister to present Budget 2023 on 1st February
The Budget 2023 is just around the corner. The Budget is usually presented on 1st February so that provisions can be materialized before the new financial year commences on 1st April. Finance Minister Nirmala Sitharaman will be presenting her fifth Budget speech soon, and different expectations are tied to this. The Constitution of India calls for this “Annual Financial Statement” under Article 112. The statement is the Budget that estimates the receipts and expenditures of the Indian Government. So, what are the expectations from the Budget 2023?
One central area in which people expect a change is the taxation system. US-India Strategic Partnership Forum (USISPF), a leading forum that has been working on strengthening India- US bilateral and strategic ties, has submitted its suggestions for altering the direct and indirect tax regime.
(1/4) Ahead of #UnionBudget2023, USISPF presents its top Indirect Tax recommendations. @cbic_india @FinMinIndia @nsitharamanoffc#taxpolicy #USIndiataxForum pic.twitter.com/GE1jRqUTCn
— US-India Strategic Partnership Forum (@USISPForum) January 25, 2023
(1/4) Ahead of #UnionBudget2023, USISPF presents its top Corporate Tax recommendations. @IncomeTaxIndia @FinMinIndia @nsitharamanoffc #taxpolicy #USIndiataxForum pic.twitter.com/C4vQfEAT6j
— US-India Strategic Partnership Forum (@USISPForum) January 25, 2023
Many are also hoping a simplification of the tax slabs thus providing some relief to the middle class and salaried employees. With inflation being so high and rising interest rates, it has become a nightmare for the majority to sustain their previous lifestyle. There is also a push to increase the exemption under 80C to 2 lakhs from 1.5 lakhs.
Disinvestment is an important part of the Budget. It remains to be seen how and what the Government will do about disinvestment for this Budget. There is an expectation that the Government will set more realistic goals this time, as the last disinvestment targets were not met.
Nishant Behl, Founder and CEO of Expand My Business(ExMyB) says “Startups in IT and ITeS sector require greater support, and therefore the government must pertain to the per diem allowance threshold, safe harbour rules, and advance pricing agreements, thereby increasing the ease of doing business.”
As the startup sector in India grows, there is an anticipation that the Government will do something to support this. The impending recession is a great concern for startups, and hopefully, the Government will take notice of this and do something to help them. Earlier, the Railway Budget was presented separately, but in 2017 this practice was ended after NITI Aayog’s recommendation.
The Budget 2023 should focus on the upgradation of railway infrastructure. The new age Vande Bharat Express is expected to see a boost and more of them will be rolled in, in the coming years. With a lot riding on the Budget, it is the duty of the Government to come up with a Budget that takes care of all the sections of the society and also pushing the economy forward. But, for now the speculations will have to wait for a few days more.
