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LIVE Updates | Budget 2023-24 Expectations: Rationalizes GST on healthcare supplements from 18% to 5%
LIVE Updates | Union Budget 2023-24 Date, Expectations in India: The Finance Minister has great expectations from income taxpayers, especially the salaried class, to raise the overall tax bracket and implement tax-related relief or modify income tax slabs. The adjustment in income tax bands, which will have a significant impact on the average person`s finances, is the one significant announcement that FM Sitharaman would be making during the presentation of the Union Budget 2023.
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LIVE Updates | Indian Union Budget 2023-24 Expectations: Government is anticipated to expand investments in digital and automation technologies
Sangeet Kumar, Co-founder & CEO, Addverb Technologies said In order to stay competitive in the global market, the government is anticipated to expand investments in digital and automation technologies. Additionally, a decrease in income taxes will help the nation keep its top personnel. To provide more advanced and innovative solutions for bringing in sustainable business models, startup and technology investments would be prioritised.
LIVE Updates | Indian Union Budget 2023-24 Expectations: MSMEs need significantly progressive policies and incentives to create and ride the E-Commerce wave
Samir Sathe, Executive Vice President, Wadhwani Advantage at Wadhwani Foundation said MSMEs need significantly progressive policies to spur new product investments, startup and MSME partnerships, cluster and district competitiveness related schemes and finally incentives to create and ride the E-Commerce wave.
LIVE Updates | Indian Union Budget 2023-24 Expectations: edtech industry also oversees significant announcements from this budget
Gaurav Goel, Co-Founder and Chief Executive Officer, Toprankers said we need the double engine of digitization and empowerment of MSMEs to chug along. The edtech segment foresees the upcoming Union Budget 2023 as remote and hybrid learning emerges in the Indian education landscape. The industry also oversees significant announcements from this budget to drive investment in this space along with favourable regulatory measures to build a conducive environment for digital learning. Toprankers believes that the government should envisage such a framework that promotes the collaboration of startups with government agencies to build capacity, share knowledge and ensure the nation's holistic development.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government would shape its policy actions to further promote real estate demand
Siddharth Katyal, Group Director, Omaxe Ltd said Making 2023 a crucial year for robust growth in the real estate market in both residential and commercial segments. We believe that the Government’s ‘Housing for All’ objective will straightforwardly incentivize them to lease their homes to the targeted segment, augmenting the efforts to increase housing stock in this segment. We are optimistic that the government would shape its policy actions to further promote real estate demand this year. With a home being a constant appreciating asset that creates generational wealth, we can assume that the future of Indian residential real estate is compellingly hopeful.”
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government should take measures to expedite the integration and development of ULIP
Gautam Kumar, COO & Co-founder, FarEye said With the National Logistics Policy and the ULIP platform announced in 2022, a clear path to transformation and growth in the logistics industry has been paved by the government. In the 2023 Budget, the logistics industry expects the government to take measures to expedite the integration and development of ULIP which will unify digital logistics systems and enhance efficiency, transparency, and collaboration between various industry stakeholders.
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, Great Place to Work India said with hybrid workplaces and the gig economy picking up, I am expecting some new legislation that may want to promote equitable practices. The four labour codes—the Code on Wages, Industrial Relations Code, Social Security Code and the Occupational Safety, Health and Working Conditions Code are set to replace the existing 29 labour laws. Over 90 per cent of India’s 50 crore workers are in the unorganised sector. And through these codes, the government will be able to ensure that all of them enjoy the benefits of labour laws related to minimum wages and social security. Despite the approval of these codes by the Parliament in 2020, many of the State Governments are yet to adopt the New Labour Codes. A few simplified mechanism needs to be included in the Budget for FY 2023–24 for the adoption of these codes.
Siddharth Maurya, Resource Specialist, Expertise Real-Estate and Fund Management.
Given higher tax revenue buoyancy, India is now on course to achieve its budget deficit target of 6.4% of GDP for financial year 2022-23, according to the Ministry Of finance. Although this is encouraging update, there is still much work to be done to increase tax revenues. Today's tax-to-GDP proportion is 10-11%, which really is substantially lower than the median of many other emerging market economies, which is 21% of GDP, whereas the OECD average is 33%.
Personal tax relief should be provided in the Union Budget 2023, either through lower rates of taxation or by reorienting tax slabs. Technical changes to various taxes are required to make them more progressive and effective. Such measures could be included in the Union Budget 2023. Several measures can be implemented to enhance the quality, efficiency, and transparency of government spending. Which include enhancing remote monitoring for scheme execution, trying to eliminate redundancy in spending, and instituting a strong information system for management.
Nakul Mathur, MD, Avanta India
In the new budget, we would request the finance minister to reduce the TDS deduction rates for B2B enterprises as most of the receivables from the client is towards services. It would be best if the finance minister considers bringing a 2% TDS slab as in the case of services from the present 10%. This will immensely help the B2B enterprises in the management of their cash flows.
Sumit Chanda, Founder, and CEO, Jarvis Invest.
“We expect the budget to be favourable for the retail investors. Hopefully some positive steps should be taken on Capital Gains and income classification which will be a boon for the retail investors and traders. We also hope that the FM incentivizes Fintech start-ups especially those using AI. We can possibly see positive news for manufacturing, Renewable Energy, Healthcare, EVs.
Salaried workers are the main source of the country’s tax revenue and any changes in their taxation will have a significant impact on the economic recovery. There has been murmurs about the tax exemption limit being increased to 5 lakhs from the existing 2.5 lakhs. I would certainly look forward to it. It would mean higher disposable income which can lead to higher consumption and investments. This can definitely boost the economy.
We, as a country, have a very good opportunity to become the manufacturing hub to the world. If the manufacturing sector can be incentivized in some form, this dream can be realized. The central government can certainly nudge the state governments to implement the four labor codes. A reduction in the corporate tax will go a long way in making both the manufacturing and the service sectors grow.Gurmit Singh Arora, National President, Indian Plumbing Association
A reduction in stamp duty is required. The burden was placed on the industry following the implementation of GST, and it is extremely difficult for builders to pass it on to consumers. It is possible to achieve this by granting waivers rather than incentivizing it. The government should incentivize green building in order to reduce the nation's carbon footprint. The government should also encourage and find more startups.
Nakul Mathur, MD, Avanta India
Indian real estate stands on a strong footing with a hike of 50% in sales transactions in 2022, compared to the previous calendar year. The positive sentiments will continue in 2023 backed by a healthy economic outlook, expansion in the job market, and a rise in per capita income. Meanwhile, it is also imperative for the governing agencies to take proactive steps to further build consumer demands alongside streamlining the supply cycle. Steps such as reducing GST rates on raw materials such as cement & steel, offering better credit for developers, and single window clearance can immensely help the overall sector.
Mr. Suren Goyal, Partner, RPS Group
Indian real estate constitutes close to 8% of the Indian economy. It is also the second-largest job creator after the agriculture sector and close to 250 ancillary industries are dependent on it. This further reflects the importance of the sector and it is essential that GOI take concentrated efforts to help the industry. Overall the industry looks upbeat but the rise in interest rates can decelerate the growth juggernaut. Hence the government should step up and take proactive steps to reduce lending rates. If directly reducing the rates is not feasible then it should at least try other means such as offering incentives to first-time home buyers and rendering more lucrative deductions in income tax
Siddharth Maurya, Resource Specialist, Expertise Real-Estate and Fund Management.
The government must acknowledge the important role played by the sector and make deep policy reforms to accelerate growth in realty demand. Currently, concession can be availed in income tax on up to 2 lakhs paid as interest on home loans. This should be revised and increased to build healthy demand in the sector. Likewise, waivers or reductions should be offered on GSTs on raw materials such as cement, steel, etc. Raw material prices are increasing and reduction in GST rates can give a lot of relief to the developer fraternity. Giving infrastructure status to the sector is also long due as it can help in building liquidity in the sector.
Ankit Aggarwal, MD, Devika Group
The real estate industry is considering a few tax breaks, such as a 2 lakh reimbursement increase under Section 24, because gross margins are already low in the immediate wake of the global epidemic, and developers must compensate for lost time. For many years, there has been a demand for a single window clearance framework. Furthermore, now would be an ideal time to confer industry status on the sector of real estate in order for it to obtain lower-cost credit from financial institutions.
Atul Goel, MD, Goel Ganga Group
The year 2022 was one of the most eventful years for Indian real estate with sales recovery observed in many of the major markets in the country. Both residential sales and commercial leasing picked up stemmed from healthy economic growth and a rise in demand. Meanwhile, for the upswing to continue in 2023, it is important for the GOI to take further proactive steps. The governing bodies should keep in mind that a healthy economy and real estate feed into each other. Proactive steps such as increasing the limit of home loan interest deduction on income tax returns and reducing capital gain tax can give a further push to consumer spending and hence will be beneficial to the sector in the longer run. Meanwhile, GOI should also try to create new avenues of lending for the developer fraternity. Developers play a critical role in the overall realty ecosystem and it is important to help them get easy access to credit.
LIVE Updates | Indian Union Budget 2023-24 Expectations: E-ceommerce demands lowering GST on input services
First, the government can bolster working capital for e-commerce suppliers by lowering GST on input services like logistics and facilitating refunds of accumulated input tax credit. Over April-November 2022, ~2.9 lakh sellers on Meesho dealing in products that attract <18% GST saw input tax credit accumulation of Rs 265 crore. Second, expediting the implementation of GST relaxation norms for small online businesses will allow millions of them to realize their full potential, says Vidit Aatrey, Founder & CEO –Meesho
Anurag Goel, Director of Goel Ganga Developments
GST exemptions or reductions on raw materials such as cement and steel should be made available. Raw material prices are rising, and lowering GST rates could provide significant relief to the developer community. Giving the sector infrastructure status is also long overdue, as it can aid in the sector's liquidity.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Rationalizes GST on healthcare supplements from 18% to 5%
From the FMCG Direct Selling industry perspective, focused on health and wellness, we expect budget 2023 to have healthcare policies that will support the country’s shift to preventive healthcare, making healthcare more accessible as people continue to prioritize health and wellness, which remains the core of most purchase decisions of consumers across segments. If the Government can consider lesser taxes, then they will be helping the large population to move towards wellness by making it affordable. We hope the Government rationalizes GST on healthcare supplements from 18% to 5% in the upcoming Union Budget 2023. This will be a welcome move, considering a holistic healthcare system combined with nutraceuticals and health supplements provides significant economic value and will play a vital role in contributing to reviving the Indian economy said, KV Hariharan, Sr. Vice President - FP&A, strategic planning and data analytics, Amway India
LIVE Updates | Indian Union Budget 2023-24 Expectations: Exemption ceiling should be increased to Rs 2.5 lakh
Under the former tax structure, which is still utilised by the bulk of filers, all salaried employees are entitled to a Rs 50,000 deduction. A deduction limit that has stayed steady in recent years should be increased to account for growing living costs. Salaried persons can use Section 80C exemptions to reduce their taxable income by Rs 1.5 lakh in a fiscal year. The exemption ceiling should be increased to Rs 2.5 lakh in Budget 2023. According to experts, increasing deductions and exemptions helps promote retirement savings. The smallest individual income tax bracket is 5%, while the highest is 42.74 percent, including surcharges and cess. A raise in the basic exemption level between Rs 2.5 lakh to Rs 5 lakh, as well as a cut in income-tax rates in Budget 2023, is required to reduce the maximum slab rate to 25%, says Amit Gupta, MD, SAG Infotech
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt shoud relax mandatory spend on CSR activities for companies with 5 crore net profit
It would be welcome if the government relaxed the mandatory spend on CSR activities for companies with 5 crore net profit by increasing the threshold to companies with 50 crore net profit. Additionally, while calculating net profits, the remuneration paid to professional employees should not be added back. This would ease some of the burden on MSMEs, said S. Mukundhan, Group CFO, Fulcrum Digital
LIVE Updates | Indian Union Budget 2023-24 Expectations: More investments and programs in upskilling required
In this year's Union Budget, it would be good to see more investments and programs in upskilling, as this is an important factor towards achieving the collective Digital India dream of our nation said Puneet Gupta, vice president & managing director, NetApp India/SAARC
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should focus on bridging the cybersecurity skills gap
Cyberattacks are increasing in terms of scale and complexity, making it one of the biggest threats enterprises face today. Amidst this, there is an urgent need to build a talent pool that is equipped to handle new-age sophisticated attacks. It would be welcome if the Union Budget places a focus on bridging the cybersecurity skills gap and increasing awareness around the same. We are hopeful that the government will take cognizance of this, and increase spending on skilling and training initiatives. In the long run, this will help create employment opportunities, as well as build defenses against threat attackers, said Sunil Sharma, managing director - sales, Sophos India and SAARC
LIVE Updates | Indian Union Budget 2023-24 Expectations: Mandate to simplify fintech industry taxation, says Maheshwari, Director, Upstox
For the overall fintech industry too, which is growing rapidly, there needs to be a mandate to regulate and simplify taxation, like on ESOPs, and provision of incentives for adopting AI(Artificial Intelligence) and ML(Machine Learning). Further, software products attract a GST of 18%. A reduction in GST will promote development of indigenous technologies by fintech players. Creation of fintech innovation funds will be another avenue to incentivise start-ups, said Maheshwari, Director, Upstox
LIVE Updates | Indian Union Budget 2023-24 Expectations: Taxation regime should not hamper development of India's talent in Web3
It is vital to ensure that any taxation regime does not hamper the development of India's talent in Web3 and the supercharged innovative environment India has been experiencing recently said Pratik Gauri, Co-founder & CEO, 5ire
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should lay more emphasis on data security
Avinash Ramesh Godkhindi, Managing Director and CEO, Zaggle said, Data breaches, malware injection, account hacking, data loss, and cloud service misuse are just a few of the significant security threats. Indian consumers need to be educated to utilize digital payments securely. A large section of Indian companies does not have a system to detect frauds as expenses are mapped manually. We expect the emphasis on data security to increase in the upcoming Budget, and the government should announce measures to increase digital vigilance and safety
LIVE Updates | Indian Union Budget 2023-24 Expectations: Strategy of focusing on infrastructure development, says Future Generali India Insurance CEO
The strategy of focusing on infrastructure development, capital expenditure, and making India a manufacturing hub, will continue to spur growth and recovery. The Centre should continue on this path, while focusing on fiscal consolidation. As far as the insurance sector is concerned, we look forward to major changes this year. The much-awaited proposal to increase FDI limit to 100% in insurance could be taken up during the Budget ’23, which would augur well for insurers who will get fresh capital. With the uptick in healthcare costs, there is a strong case for increasing deduction limits for health insurance in the coming budgetsaid Anup Rau, MD & CEO, Future Generali India Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Real estate sector needs some fiscal support
The Finance Minister should also consider the industry’s long-pending demand for an increase in tax incentives for both principal and interest paid on home loans by borrowers. There is also a need to enhance the corpus of the stress fund SWAMIH from Rs. 15000 crore to at least Rs 50,000 crore to ensure that more stalled projects get completed. This will go a long way in rebuilding the trust of homebuyers in the residential real estate market, Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com said
LIVE Updates | Indian Union Budget 2023-24 Expectations: Real estate sector needs some fiscal support
To sustain this demand, the real estate sector needs some fiscal support in the upcoming budget. There is a strong case for interest subsidy to first-time homebuyers as this will boost sales in the real estate sector, which is not only the second biggest employer in the country but also creates demand for two hundred other industries including cement and steel, Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com said
LIVE Updates | Indian Union Budget 2023-24 Expectations: Current tax-exempt limit ought to be raised to Rs 5 lakh
Given the decrease in real income of workers due to inflation, increased tax alleviation is anticipated. The current tax-exempt limit ought to be raised to Rs. 5 lakh. The 18% GST on Mediclaim should be accepted as an input tax credit for welfare-related purposes. Furthermore, the EPFO should be privatized to reduce the difficulty encountered with accounting procedures and withdrawals. In addition, steps should be taken to facilitate business activity in India by forming a single-window system for beginning operations. Measures should also be taken to provide assistance to truck drivers by providing them with a place where they can obtain subsidized, wholesome food and rest, as truck drivers play an essential role in the country, says KS Bhoon, Head, HR & Business Excellence, RDC Concrete
LIVE Updates | Indian Union Budget 2023-24 Expectations: PLI Scheme for space tech startups
In the 2023-24 Union Budget, we would like to request a space-based Production Linked Incentive Scheme (PLI) for space tech startups to help boost local manufacturing and encourage capability building within the country. Enabling an easy FDI process will be important to combat the current downturn and emerge victorious on the other side with continued global investment and support, says Awais Ahmed, CEO, Pixxel
LIVE Updates | Indian Union Budget 2023-24 Expectations: FMCG Sector seeks balanced rural growth
The union budget 2023-24 should foster investments to accelerate and balance economic recovery across markets. Enhanced focus on programs that aim to increase employment opportunities will give a boost to the rural economy and in turn, increase their purchasing capacity. For the FMCG sector, a balanced rural growth is extremely important for inclusive development. Growth in infrastructure and technology are also key areas to focus in order to recover from the effects of the pandemic. Along with these initivaties, the government should focus on catalysing ease of doing business. With accessible disposable income and continuous cycle of job creation, there will be increased consumer confidence and access to credit and markets; these efforts can collectively further the FMCG growth engine, said Krishnarao Buddha, Senior Category Head, Parle Products
LIVE Updates | Indian Union Budget 2023-24 Expectations: Raise deduction limit for interest payment on home loans
Government should raise the deduction limit for interest payment on home loans from the existing Rs 2 lakh a year to Rs 5 lakh which will add momentum to housing demand, particularly in the affordable segment. There is a specific need for income tax relief on a second home and positive measures with regard to long-term capital gains, which will benefit home buyers in a big way and also stimulate the real estate sector. We feel that the capital gains tax rate should be reduced from 20 per cent and the Rs 2 crore cap on capital gains for reinvesting in two properties should also be removed, said Ramani Sastri – Chairman & MD, Sterling Developers Pvt. Ltd.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Allow input tax credit to the real estate sector
The major tax announcements that we look forward to include allowing input tax credit to the real estate sector and also reduction of GST in key construction materials like steel, cement, blocks, tiles etc, said Ramani Sastri – Chairman & MD, Sterling Developers Pvt. Ltd.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Allow input tax credit to the real estate sector
Sarbvir Singh, President & CEO of Policybazaar.com says that the industry looks forward to reforms that could further catalyse this growth and generate opportunities for product innovation to serve a broader range of customer needs.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Allow input tax credit to the real estate sector
The insurance industry wishlist includes - (i) a greater push to term insurance: a separate category of term insurance for tax exemption needs to be introduced as the current 1.5 lakh limit easily gets expended under other eligible deductions under Section 80C. (ii) increase the current tax rebate in health insurance: from the health insurance perspective, the industry has rapidly evolved to correspond to higher demand for health insurance after the pandemic. It, therefore, is a necessary move in tandem with this demand and increase the tax rebate limit under Section 80D to at least Rs 1 lakh. Also, the GST rate on health insurance should be reduced from 18 per cent to 5 per cent to make it more cost-effective for the end consumer. (iii) making annuity income tax-free: Further, the income generated from annuity plans should also be exempted from tax to incentivise the adoption of pension products. (iv) tax benefits for home insurance: Apart from this, home insurance is an often-overlooked yet important product which needs a massive boost through tax benefits, and so, the premiums paid for home insurance should also be eligible for tax deductions, Sarbvir Singh, President & CEO of Policybazaar.com says
LIVE Updates | Indian Union Budget 2023-24 Expectations: Newer and broader FAME III to be introduced
With Fame II subsidy drawing to a close, a key expectation from Budget 2023-24 is a newer and broader FAME III to be introduced which has at least five times the targets of FAME II. In addition, it must also include electric vehicles which are currently sold without a battery and which rely on battery swapping networks so that EV adoption (especially by commercial fleet operators and logistics companies) through newer operating models like electric mobility as a service (eMaaS) can be accelerated, says Gaurav Rathore, Co-founder, EVeez says
LIVE Updates | Indian Union Budget 2023-24 Expectations: Newer and broader FAME III to be introduced
With Fame II subsidy drawing to a close, a key expectation from Budget 2023-24 is a newer and broader FAME III to be introduced which has at least five times the targets of FAME II. In addition, it must also include electric vehicles which are currently sold without a battery and which rely on battery swapping networks so that EV adoption (especially by commercial fleet operators and logistics companies) through newer operating models like electric mobility as a service (eMaaS) can be accelerated, says Gaurav Rathore, Co-founder, EVeez says.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt must propose an extra differential excise charge on unblended fuel
The Government of India has been actively encouraging the usage of ethanol-blended fuel across the nation as part of its efforts to transition to a sustainable energy future and to uphold its commitment to the Sustainable Development Goals (SDGs). It becomes equally important from the aspect of agriculture, as is evident from Government’s push to use Grains (as an alternate source) for the Production of Ethanol. Keeping this in mind, Union Budget 2023 must propose an extra differential excise charge on unblended fuel in order to promote fuel blending even further, says Vasu Naren, Director & CEO, Sona Machinery
LIVE Updates | Indian Union Budget 2023-24 Expectations: GST exemption on the supply of goods
GST exemption on the supply of goods (including TVs/tablets for digital education, currently @28% GST) and services (used for teaching and learning applications and content, currently @18% GST) to educational institutions and intermediaries can reduce the overall cost that is currently passed on to schools and parents. This will make goods and services for education more affordable, and will foster the implementation of NEP across the country, says Sumeet Mehta, Cofounder & CEO, LEAD
LIVE Updates | Indian Union Budget 2023-24 Expectations: Set up central committee to tackle the cases of exam paper leaks
One of our main expectations from the union budget this year is the government sets up a central committee or a board that can tackle the cases of exam paper leaks, especially in government exams. We hope strict action is initiated to avoid any malpractice in these examinations. It destroys the efforts of millions of aspirants and wastes the time and resources of recruitment boards and state governments. We also hope that provisions are put in place to fill appointments in vacant posts in various government departments. We believe that the Finance Minister can announce the creation of an unemployment board at the union level: that will offer an agency for unemployed youth to voice the challenges/issues they face and find resolutions, says Nirmal Gehlot, CEO and Founder, Utkarsh Classes
LIVE Updates | Indian Union Budget 2023-24 Expectations: Lay greater emphasis on strengthening the digital capacities of schools
The last few years have seen tremendous activity in the education and EdTech sectors. There was a significant boom in after-school EdTech during the COVID-induced lockdown, but the in-school system unfortunately suffered. As UDISE 2021-22 data shows, the fallout has been a decline in the number of schools and teachers in the country as well as in enrolments at the pre-primary and primary levels. In the last few months, however, India has realised the importance of balancing in-school and after-school learning by leveraging the benefits of technology. Schoolnet, which has always believed in a holistic approach to solving the problems of access, equity, and quality of education, hopes to see a greater emphasis on strengthening the digital capacities of schools with a parallel vision to create an enabling environment to promote asynchronous learning for students at home. Analogous to the NEP 2020 and schemes such as PM SHRI, we look forward to a reflection of these priorities in the Union Budget 2023-24, says, RCM Reddy, MD & CEO, Schoolnet India Ltd
LIVE Updates | Indian Union Budget 2023-24 Expectations: Forthcoming budget to have favorable result on Gems and Jewellery sector
The Gems and Jewellery sector plays a significant role in India’s GDP and employment generation. Last year, the economy made a strong resurgence from the pandemic-induced uncertainty and the jewellery industry too made a strong bounce back with a significant growth. Several positive steps taken by the government including reduction of customs duty on cut and polished diamonds further accelerated this upward growth trajectory. Though the rising inflation have put the market overview in a ‘wait and watch’ mode now, the positive shift in consumer buying pattern will have a significant influence on the jewellery demand. Clients are now drawn to making purchases that are valuable, meaningful and that lasts forever. In this view, we are optimistic that the forthcoming budget will have a favorable result, says, Amit Pratihari, Vice President, De Beers Forevermark
LIVE Updates | Indian Union Budget 2023-24 Expectations: Forthcoming budget to have favorable result on Gems and Jewellery sector
The Gems and Jewellery sector plays a significant role in India’s GDP and employment generation. Last year, the economy made a strong resurgence from the pandemic-induced uncertainty and the jewellery industry too made a strong bounce back with a significant growth. Several positive steps taken by the government including reduction of customs duty on cut and polished diamonds further accelerated this upward growth trajectory. Though the rising inflation have put the market overview in a ‘wait and watch’ mode now, the positive shift in consumer buying pattern will have a significant influence on the jewellery demand. Clients are now drawn to making purchases that are valuable, meaningful and that lasts forever. In this view, we are optimistic that the forthcoming budget will have a favorable result, says, Amit Pratihari, Vice President, De Beers Forevermark
LIVE Updates | Indian Union Budget 2023-24 Expectations: Incentivise individual EV owners
Electric Vehicle adoption is at an inflection point in India. While the commercial/logistics sector has seen a good adoption, the individual vehicle owner is still on the fence. If the budget addresses issues such as the high initial cost of ownership through incentivising individual vehicle owners EV adoption will see a boost. Ease of registration, electric bill incentives as well and carbon footprint-saving incentives could be a step in the right direction for individual travelers as well, says, Sakshi Vij, Founder, and MD, of Myles Cars
LIVE Updates | Indian Union Budget 2023-24 Expectations: Give fiscal support or cheaper liquidity through refinance
MSMEs & Affordable Housing – 2 key areas for sustained and granular economic growth as well as equitable development. Given inflation and interest rate headwinds some measures to help these sectors will be helpful. These measures could be fiscal support or cheaper liquidity through refinance, says Ajay Kanwal, MD and CEO, Jana Small Finance Bank.
LIVE Updates | Indian Union Budget 2023-24 Expectations: CBRE recommends hiking interest deduction limit on housing loan
The interest deduction limit under Section 24 of the IT Act on housing loan stands at INR 2 lakh per annum, respectively, to incentivize homebuyers. We recommend that the limit of INR 2 lakh per annum be increased to at least INR 4 lakh per annum, said Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa, CBRE
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should consider revising price bandwidths for homes to qualify as affordable housing
For instance, a price band of INR 45 lakh or below is far too low in a city like Mumbai, where it should be increased to INR 85 lakh or more. In other major cities, the qualifying price band should be increased to INR 60-65 lakh. Such a move would have more homes qualifying as affordable housing, and many more homebuyers would be able to avail the current benefits like reduced GST at 1% without ITC, and other government subsidies, says Anuj Puri, Chairman - ANAROCK Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should consider revising price bandwidths for homes to qualify as affordable housing
Government spending on infrastructure has been exemplary, and may get a further boost in the forthcoming budget. The positive correlations of infrastructure development with all real estate asset classes is well established. Perhaps most importantly, the government should seriously consider revising the price bandwidths for homes to qualify as affordable housing to align with the market dynamics of different cities. The size of units as per the current definition (60 sq. m. carpet area) is fairly appropriate, but the catch-all pricing band of up to INR 45 lakh for affordable housing is definitely not appropriate across most cities, says Anuj Puri, Chairman - ANAROCK Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: Readjust tax slabs
The Budget should offer a degree of personal tax relief, either by ways of lower tax rates or by readjusting tax slabs. Doing so would also help boost housing absorption. The last increase in the deduction limit under Section 80C (to INR 1.5 lakh a year) was in 2014. Another favourable revision is long overdue, though it is admittedly unlikely. Instead, we may see the Budget further incentivising MSMEs and SMEs that are still struggling post the pandemic, says Anuj Puri, Chairman - ANAROCK Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: More tax sops for homebuyers
There is an express need for more tax sops for homebuyers as well as investors. The INR 2 lakh tax rebate on housing loan interest under Section 24 of the Income Tax Act needs to be hiked to at least INR 5 lakh. This will add momentum to housing demand, particularly in the affordable segment
LIVE Updates | Indian Union Budget 2023-24 Expectations: More incentives to boost affordable housing
The demands for single-window clearance and industry status for real estate are among the recurrent ones, and have yet to be addressed. The sector hopes that the forthcoming budget will finally address it. The government must offer more incentives to boost affordable housing. To a noticeable extent, the pandemic derailed the affordable housing growth story since early 2020 – one segment which the current government has rightly stressed on since taking charge in 2014. The affordable housing supply by private players has reduced significantly since Covid-19, largely because its buyer class was impacted economically and hence went into wait and watch mode. Now, there is a need to make this segment attractive again, not least of all because it resonates well with the government’s housing for all initiative, says Anuj Puri, Chairman - ANAROCK Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: Hopes on various economic reforms, says Anuj Puri, Chairman - ANAROCK Group
India Inc. has already started pinning hopes on various economic reforms in the upcoming Union Budget 2023-24. Unavoidably, there is quite a bit of overlap with previous years in the form of recurring demands which have, so far, not been or insufficiently met, says Anuj Puri, Chairman - ANAROCK Group.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Zero-rated GST for protection products
We recommend zero-rated GST for protection products as 18% GST makes the term plans costlier. To increase insurance penetration in the country, the basic protection plans should made available under zero-rated GST , says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: TDS exemption limit on insurance commission
Raising the TDS exemption limit on insurance commission (under section 194 D of the Income Tax Act) from the current level of Rs. 15,000/- would provide a greater impetus to insurance agents, says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Make separate bucket for life insurance policies
Section 80C of the Income Tax Act is currently cluttered with several investment options such as life insurance premium, PPF, ELSS, NSC, NPS, principal on home loan amongst others. If you are a salaried employee, most of it goes into EPF and PF. So, we would recommend a separate bucket for life insurance policies or an increase in the limit from Rs. 1.5 lakh to Rs. 2-2.5 lakh. Atleast a separate section for Term policies would be helpful given the huge protection gap in the country, says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reverse tax on ULIPs with aggregated premium amount of Rs. 2.5 lakh p.a
As per a budget announcement a couple of years ago, for ULIPs with an aggregated premium amount of Rs. 2.5 lakh p.a or more, the maturity amount, which was earlier tax-free under Section 10(10D) of the Income Tax Act, became taxable. This should be reversed as it disincentivises big ticket investments, says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Increase current limit of health premium
The current limit of health premium (including preventive medical check-up costs) under Section 80D is only Rs. 25,000/- and needs to be increased. The last two years of Covid have proven that the current limit is not enough, and they need to significantly increase the limit. Whatever is said and done, people do buy life and health insurance for tax-saving purposes, so we do need to give them a hook of a higher deduction limit, says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Make separate bucket for pensions
Alternatively, if we could have a separate bucket for pensions in the range of Rs. 50,000-75,000/- that would help to level the playing field with NPS , says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Make India a pension society, Insurance sector recommends
To increase the penetration of pension and to make India a pension society, especially since we don’t have any social security cover, our request is to make pensions tax-free in the hands of the customer because the pension premium is already paid through taxable income. So, we recommend that the proceeds of the pension / annuity should be made tax-free in the hands of the customer or to allow deduction for the principal component, , says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Insurance industry wish-list
The insurance industry wish-list has been largely the same for the last 4-5 years with the aim of driving insurance penetration in the country, says Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance
The Parliament's Budget Session is scheduled to begin on January 31 and conclude on April 6 with a break in between. In order to begin the joint session of the Lok Sabha and Rajya Sabha, President Droupadi Murmu will deliver a speech in the Central Hall of Parliament. President Murmu will address the two Houses of Parliament for the first time since becoming the presidency in July of last year. The first day of the budget session will also see the presentation of the Economic Survey to both Houses.
Union Finance Minister Nirmala Sitharaman is all set to present the Budget 2023 on Wednesday, February 1.
The Budget session is slated to extend through February 10. After a break for the standing committees to review the grant requests from different ministries, the second phase of the budget session is expected to start on March 6 and end on April 6. During the first half of the budget session, the two Houses extensively examine the Motion of Thanks to the President's Address before moving on to the Union Budget.
The Finance Minister has great expectations from income taxpayers, especially the salaried class, to raise the overall tax bracket and implement tax-related relief or modify income tax slabs. The adjustment in income tax bands, which will have a significant impact on the average person's finances, is the one significant announcement that FM Sitharaman would be making during the presentation of the Union Budget 2023.
Here is what various sectors --ranging from housing, realty, insurance and more-- expect from FM Nirmala Sitharaman's upcoming Union Budget 2023