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Budget 2023 Corner - IPPC Group

The Union budget FY24 being first budget in AMRIT KAAL, apparently is quite realistic and seems to be very well-considered and feasible picture with multiple appropriate measures and without dollops of populist measures, heading into elections. Prioritizing growth through its increased focus on capital expenditure while keeping the goal of fiscal consolidation on track. The Finance Minister tried to invoke a feel-good factor across classes and sectors. The poor, middle class and HNIs have some positive takeaways from the budget. It offers stability for markets by not making any significant changes in the structure of capital gains taxes. The tax benefits have been tweaked to encourage individuals to move towards the new tax regime and to provide relief to middle class, the maximum marginal rate has also been reduced to 39% from 42.7% to give relief to the highest income bracket. While the government is foregoing effective revenue of 350 billion rupees through rendering tax benefits under lower tax regime, additional tax revenues are going to be collected from the rationalization of exemptions under sections 54 and 54F.

Finance Minister Nirmala Sitharaman is presenting the last full-year Budget of the second term of the Modi government. The Budget comes at a critical moment for the global economy when voices of gloom and doom have strengthened. India has been called the bright spot by many due to its strong macroeconomic fundamentals.

Budget 2023-24, the upcoming Union Budget of the Modi government before 2024 polls, we can expect the budget to be tax payer friendly focusing on maximum benefit which could be provided to a taxpayer. However, keeping in mind that the Indian economy has started to recover from the scars of the outburst of Covid-19 pandemic fiscally, the government will fully ensure to align its goal of preparing a budget that boosts economic growth in conjunction with thrust on expectations of taxpayer.

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