9th February 2023
India's Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year beginning April 1, 2023 on 1st February 2023.
The 45 trillion rupees ($549.14 billion) spending budget focused on continuity and stability on many fronts, including taxation to boost economic growth, while aiming to lower fiscal deficit. The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society, the Finance Minister said.
The new tax regime introduced for individuals in 2020 and now made default for individuals, saw a series of changes designed to make it more attractive for taxpayers, including through a change in the slab rates, rebate and surcharge. Provisions benefitting MSMEs and start-ups were also introduced. It is aimed to maintain continuity and stability of taxation, simplify provisions to reduce compliance burden, promote entrepreneurial spirit and provide tax relief to citizens.
The Indirect Tax proposals have been aimed at promoting exports, boosting domestic manufacture, enhancing domestic value addition, encouraging green energy and mobility.
The Government’s ambitious economic agenda for an empowered and inclusive economy focusses on 3 aspects
• Opportunities for citizens with a focus on youths
• Growth in job creation
• String & stable macroeconomic environment
Amid the possibility of the world slipping into a recession India’s economy is fundamentally strong with Indian economy becoming the 5th largest globally and current year’s economic growth estimated at 7%. The country is well positioned to take advantage of the many economic opportunities that the coming years have to offer.
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