Budget Expectation 2023


 Budget Expectation 2023

Countdown has begun for Budget 2023. Here are a few expectations from Union Budget 2023:

  • Education sector deserves a top spot in this year's Union Budget
  • Increase section 80C limit to Rs 2 lakh
  • Expectations on Cybersecurity in India
  • Government must enhance old regime tax slabs
  • Startups seek a simplified tax regime, reduction in MAT
  • Budget should encourage investments in core R&D on AI and Robotics
  • Budget must create a favorable climate to make India a part of the worldwide supply chain
  • Budget should focus on falling imports, the impact of a slowdown
  • Industry looking forward to policy announcements and allocations designed to support startup ventures
  • Enable SaaS start-ups to navigate compliance and legal requirements faster
  • Corporates seek tax relief measures for work from home employees
  • Digitization has eased tax compliance
  • Hike standard deduction to Rs 1 lakh
  • Unified income tax filing form
  • Income Tax relief for small taxpayers
  • Tax kitty set to surpass Budget estimate
  • ESOPs taxation
  • New tax regime more better
  • Setting up a home office
  • Equalization levy (EL)-Clarity required
  • Crypto Taxation
  • Employment generation
  • Disinvestment target
  • Capital gains tax should be rationalized
  • Lower income tax slabs
  • Make digital rupee adoption more risk efficient
  • India's decarbonization journey
  • Change in FAME II policy and much more expected
  • Govt should prioritize women-led entrepreneurial development
  • Expecting smooth Input Tax Credit facility
  • Expecting higher Section 80C deduction
  • Salaried employees should be allowed to deduct company-related expenses in the same way as business owners
  • Lower GST for educational institutions and training services
  • Make affordable housing attractive again
  • Tax-free annual income for senior citizens is required
  • We expect govt to reduce start-up taxes
  • GST mistake needs to be rectified in this budget
  • Budget should provide incentives for MSMEs for adoption of digital payments in tier-3 towns
  • Positive momentum towards formulation of PLI scheme for chemical sector
  • Looking forward to the govt granting industry status to the travel and tourism sector
  • Emergency Credit Line Guarantee Scheme should also be extended to tourism and hospitality
  • GST shouldn't be levied on heart-related an other life-saving drugs
  • Budget will be focusing on measures that support growth and innovation in software industry
  • Govt seriously intends to make decolonizing education a reality
  • Tax sops for Middle Class, assistance to poor expected
  • Lower income tax for individuals expected
  • FM should incentivise co-living segment
  • Budget should outline policy measures to ensure Insurance for all by 2047
  • Focus on skill development, employment opportunities
  • Startups are hoping for clearer regulations
  • Budget will focus on higher Capex and rural spending
  • Government may stick to its gradual fiscal consolidation glide path, with FY24 fiscal deficit likely to be at 5.9% of GDP (as compared to ~6.4% of GDP in FY23).
  • Expect FY24 capital expenditure at INR 10.4 trillion: Government may attempt to nurture early signs of capex cycle amidst global macro headwinds through
  • 28% YoY growth in capital expenditure (with focus likely on metro/ railway, defense, road/ highways)
  • Expect revenue expenditure (excluding subsidies and interest payment) to grow at 8.3% YoY in FY24 as against -0.1% YoY in FY23.
  • Lower corporate tax rate of 15% for new manufacturing firms may be extended for another year or two
  • PLI scheme may be extended to other sectors like toys, green hydrogen, green ammonia, sodium-ion battery, etc.
  • Government may opt to increase spending on rural schemes to help alleviate rural slowdown, through higher rural wages & spend on infra projects
  • Empower women entrepreneurs in Tier 2,3,4 cities
  • Tax-free pension plans
  • Increased HRA, max loss cap expected
  • Increasing HRA % for metro cities
  • Increasing max loss cap for income under house property
  • Creating a separate section for housing loan principal repayment deduction
  • Increase PM-KISAN amount

What are your expectations? Do write in the comment section

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