The wait for the Union Budget 2023-24 is almost over. The Budget will be presented on 1 February by Finance Minister Nirmala Sitharaman. Just like every year, expectations are sky-high from the Union Budget, particularly for things like revision of tax slabs and exemption limits. The Budget holds immense significance for every individual and business as it decides the fate of the entire economy. This financial statement details the expenditure and revenue receipts anticipated for the upcoming fiscal year. The Budget for 2023-24 is going to be announced at a time when the world is facing problems like high inflation, the ongoing Russia-Ukraine war and the hint of recession.
Considering these issues, it is no wonder that the nation is hoping that the government considers some steps to protect the economy from these challenges.
Here are some of the ways government can shield India’s economy from challenges:
Introduction of more PLI and PMP schemes
The launch of more Production Linked Incentive (PLI) schemes or the introduction of Phased Manufacturing Plans (PMP) in sectors needs to be encouraged. This is going to give a boost to the domestic market.
Clarity on taxation of cryptocurrencies, NFTs & online gaming platforms
According to Rajat Bose, Partner and Neeladri Chakrabarti, Consultant, Shardul Amarchand Mangaldas & Co, one of the key expectations from this Budget is clarity on the taxation of Virtual Digital Assets (VDAs) such as cryptocurrencies and non-fungible token (NFTs). The taxation policy on online gaming platforms also needs more clarity.
Polishing the GST regime
The Goods and Service tax (GST) regime completed five years in 2022. There are important aspects of the tax scheme that haven’t been implemented yet. The industry hopes that the GST Appellate Tribunal will become functional this year.
Media reports suggest that the government should consider incentivising or promoting technology in the upcoming Budget for making India a talent hub for emerging technologies. Tax incentives for capacity utilisation, capital expenditure, and utilising new age technology should be actively taken into account in the Budget so that the country can boost its economy amid global tensions.
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