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LIVE Updates | Indian Union Budget 2023-24 Expectations: Strengthen the Country`s Labour Reforms
Overall, it is anticipated that the Budget will place a focus on initiatives to boost the nation`s industrial and infrastructure sectors, as well as initiatives to draw in investments and generate employment.
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LIVE Updates | Indian Union Budget 2023-24 Expectations: Central Committee or a Board 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- Nirmal Gehlot, CEO and Founder, Utkarsh Classes.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Global Inflation data, growth trends as well as flows
Going forward, the market would likely take cues from the Union Budget, the upcoming RBI policy meeting as well as the rest of the earnings season. Other factors to watch out for would include global inflation data, growth trends as well as flows, and any developments on the geo-political front- Shibani Sircar Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company
LIVE Updates | Indian Union Budget 2023-24 Expectations: To Enriching Students’ Learning
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- Sumeet Mehta, Cofounder & CEO, LEAD.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Provision to Offset Losses from Digital Asset Transactions
One of the amendments that could be highly welcomed by retail investors is the provision to offset losses from digital asset transactions in the same way that it applies to other financial assets and investments, as the current tax structure is regressive in my opinion compared to countries with high VDA adoption rates and defined tax policies- Karan Ambwani, India Lead, dYdX Foundation contributor.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Taxes and Levies should be simplified
The cost of producing aluminum in India has been adversely impacted for some time due to the inverted duty structure on raw materials, taxes/cesses such as coal cess and electricity duty, and logistics costs. The burden of taxes and levies is a significant portion of production cost, which puts the domestic industry at a disadvantage compared to global competitors- Quote by Aditya Hans, Partner, Dhruva Advisors.
LIVE Updates | Indian Union Budget 2023-24 Expectations: An Amnesty Scheme for Customs and EXIM Cases will Also Offer Solace to Parties That Obtained Licenses for Duty-Free Imports Under the EPCG Scheme
Importers and exporters are faced with various EXIM related disputes. These typically involve questions of customs classification, valuation, exemption. Over the last several years hundreds of appeals, if not more, are pending at various appellate fora. Buoyed by the response to the Sabka Vishwas (Legacy Dispute Resolution) Scheme for settlement of excise and service tax cases, and Vivad se Vishwas for income tax matters, trade and industry awaits a similar dispute resolution scheme for Customs and EXIM matters.
An amnesty scheme for Customs and EXIM cases will also offer solace to parties that obtained licenses for duty-free imports under the EPCG scheme and Advance Authorization scheme but, have failed to meet their export obligations due to Covid-19 pandemic or otherwise. Interest (due to defaults) often exceeds the customs duties liability. An amnesty scheme for Customs will aid businesses clear these disputes, and move forward on a clean slate.
Ranjeet Mahtani, Partner, Dhruva Advisors
LIVE Updates | Indian Union Budget 2023-24 Expectations: A Parity Between Taxation of Debt Mutual Fund and Listed Bonds is Required
“A parity between taxation of debt mutual fund and listed bonds is required, as the listed bonds get a preferential tax treatment of 10% LTCG rate and 12 months holding period vis-a-vis LTCG on debt MF units being taxed at 20% and a holding period of 36 months”. “The surcharge applicable on dividends paid to non-corporates on equity shares is capped at 15%, while the rate could be as high as 37% for dividends paid by equity oriented MFs. This inconsistency needs to be addressed.”
Punit Shah, Partner, Dhruva Advisors.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reduction in Capital Gain Tax for Unlisted Investments to Help Encourage Angel Investors and VCs to Hold on to Their Investments for Longer
In the upcoming Union Budget 2023, I expect to see a reduction in Capital Gain Tax for unlisted investments to help encourage angel investors and VCs to hold on to their investments for longer, providing more stability for the startup ecosystem.
Gaurav VK Singhvi, Co-Founder, We Founder Circle, and Managing Partner, Invstt Trust
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government Would Continue to Retain Growth Orientation With Special Thrust for the Rural Economy
Based on last year’s progressive Budget and various Government interventions, the auto industry witnessed a healthy growth. In the upcoming Union Budget, given the macro-economic scenario, our expectation is that the Government would continue to retain growth orientation. Further, continued economic reforms and infrastructure upgradation along with special thrust for the rural economy as well as keeping a check on rising interest rates would be important for sustaining good demand.
Toyota Kirloskar Motor
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Reduce GST on Raw Materials/Components to Accelerate India's EV Race
Even when the EV sales have doubled in the last year, the industry still suffers from higher initial ownership costs of EVs, which is a direct result of higher input costs. We hope the upcoming budget will reduce GST on raw materials/components, thereby accelerating India's EV race. Because battery manufacturing in India relies heavily on imports, some duty relief could help reduce overall costs.
Rahul Jain, Director - Crayon Motors
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reducing GST on Labour to 5% Will Boost the Income and Livelihood Opportunities as Well as can Create More Entrepreneurs in the Segment
Reducing the GST norms for billing on labour specially in After sales ecosystem is always a demand. Labour rates should be at 5% GST like the service charges in some other industries (i.e. hotels). Most of the auto workers lies in the bottom of the pyramid, reducing GST on labour to 5% will boost the income and livelihood opportunities as well as can create more entrepreneurs in the segment."
Mr. Mridu Mahendra Das, Co-founder & CEO of Automovill
LIVE Updates | Indian Union Budget 2023-24 Expectations: Financial Sector will Require High Capital Investment for at Least the Next Decade to Finance These Lofty Growth Dreams
The financial sector will require high capital investment for at least the next decade to finance these lofty growth dreams. Global capital will have India as a bright spot to invest in given the government’s focus on prioritizing the ease of doing business. In the end, one can hope that the budget will provide possibilities to broaden participation by allowing Government treasuries to support participation through AIFs.
Ramashrya Yadav, Founder and CEO of Integrow Asset Management.
LIVE Updates | Indian Union Budget 2023-24 Expectations: MSMEs/Startups Also Need Flexibility of in Tax Filings
We strongly support GST regime, however at the same time MSMEs/Startups also need flexibility of in filings. Working in B2B environments and long-standing contracts makes regulatory filings difficult, which needs more freedom in terms of time and options.
Mridu Mahendra Das, Co-founder & CEO of Automovill
LIVE Updates | Indian Union Budget 2023-24 Expectations: Designated Funds for the Development of Charging Stations Along Major Roads, Both National and State is Required
Recent controversies involving the alleged misappropriation of funds under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) subsidy program, highlight the need for careful consideration of the long-term consequences of such incentives. Therefore it would be beneficial to allocate the FAME subsidies directly to customers’ accounts. As the growth of the EV industry depends on charging infrastructure, designated funds for the development of charging stations along major roads, both national and state is required.
Anmol Bohre, Co-founder & Managing Director of Enigma
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Create a Vast System of Charging Points in All Existing and Upcoming Housing Estates and Commercial Properties
“A crucial necessity for EV penetration is to facilitate a vast system of charging points; thus, there is also a massive need to mandate the installation of EV charging points in all existing and upcoming housing estates and commercial properties. Moreover, we are optimistic that the FAME II subsidy will be extended well beyond 2024 in order to maintain consumer demand and accelerate EV implementation beyond metro cities.”
*Mr. Rajesh Saitya, Co founder & COO, GT Force *
LIVE Updates | Indian Union Budget 2023-24 Expectations: Raising the Tax Breaks on Interest and Principal Amount for Residential Housing on Home Loans From INR 2 to 5 Lakhs
Raising the tax breaks on interest and principal amount for residential housing on home loans from INR 2 to 5 lakhs will bring in much relief to customers and bring in more economic activity in the sector. Co-working spaces have emerged as a major contributor to the commercial real estate sector & 10 percent 10% on the receipts lead to the blocking of capital. Reducing the tax rate by even 2% on the same will help them flourish and will be good for CRE.
Ankush Ahuja, Co-founder, of Propcatalyst
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to Reduce GST Rate from 28% to 18%
One of the key expectations from the budget is reduction in the GST rate, from 28% to 18%. It will greatly support the home-grown players to invest in newer technologies for enhanced mobility offerings, even at the global level. While, the government has been supporting the automotive industry through various schemes and incentives, the change in GST will offer huge assistance and boost to the fast-growing marke.
Sanjeev Vasdev, Managing Director, FLASH
LIVE Updates | Indian Union Budget 2023-24 Expectations: Emphasizes the Importance of Prioritizing Public Education and Supporting Startups
Emphasizes the importance of prioritizing public education and supporting startups while avoiding the implementation of CESS. Bhatia suggests encouraging the industry to transition to sustainable practices through regulations and support systems for domestic capital participation, as well as creating a welcoming environment for investment and offering tax exemptions for foreign direct investments.
Kapil Bhatia, CEO & Founder of UNIREC
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt Should Provide Tax Incentives and Benefits for Ed-Tech Players
Budget 2023 can be an important inflection point for the Indian EdTech sector to establish their dominance in the global markets. Some of the key focus areas of the Budget 2023 from an edtech perspective should include Tax incentives and benefits for ed-tech players to drive the overall ecosystem and increase technology adoption. This will be important to achieve some of the massive reforms being rolled out by UGC. With over 50% of our population below 25 years the government should look at lowering the tax rates. Investment towards technology infrastructure at schools must continue to grow, given the emerging hybrid education landscape. The last twelve months have paved the way for edtech sector towards a hybrid future.
Prateek Bhargava, Founder & CEO of Mindler
LIVE Updates | Indian Union Budget 2023-24 Expectations: Substantial Budget Allocation to Train Education Professionals
We certainly pin our hopes on the upcoming budget to provide avenues for bridging the gap between education and employment. While we are making earnest efforts to make quality digital education more accessible, we look forward to substantial budget allocation to train education professionals in the use of VR and AR for education and empower teachers with the tools and know-how for the effective implementation of technology in classrooms, Ankita Dabas, Chief Growth Officer, Veative Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: GST rationalisation on Consumer electronics
Budget 2022-2023 Consumer electronics manufacturers were left disappointed as there was no concession or GST rationalisation given on products. From the Union Budget 2023-2024 we expect reforms in the Budget that would accelerate growth channelised by consumer demand, said Lalit Arora, Co-founder of VingaJoy
LIVE Updates | Indian Union Budget 2023-24 Expectations: Increased allocation of education funds
India needs to gain a competitive edge over other global talents, which will only be possible through impactful education initiatives. Students from every corner of India should be empowered through special skill development programs. Increased allocation of funds and the number of centers will also work to the benefit of increasing the volume of talent ready to take up technical jobs, said Piyalee Chatterjee Ghosh, Founder and Director, Myfledge Institute of Aviation and Hospitality
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reserve Some Budget Towards Employer Branding
High expectation that the government will reserve some budget towards employer branding to build and showcase themselves as an Employer of Choice. We need to be digitally protected at all times. It is not a choice anymore, it is a necessity for us to operate in this digital age, said Amandeep Kaur, founder and CEO, Phoenix TalentX Branding
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reduce tax on Ed-Tech Goods and Services
Utilizing the allocated cash is important, and the Ed-Tech industry is more than prepared to work with the government to expedite the expansion of education in India. The government should give serious thought to reducing the tax on ed-tech goods and services. So, sure, we would like to see the government collaborating closely with Edtech firms to make this vision a reality, Minal Anand, Founder & Ceo GuruQ
LIVE Updates | Indian Union Budget 2023-24 Expectations: LTCG tax rate should be decreased
Real Estate Industry is very sanguine about the 2023 budget and hopes to continue the strong momentum of the previous year. The primary emphasis and ask is higher tax exemption on home loans to generate a healthy demand. As for the LTCG, the tax rate should be decreased with relaxation on the time limit on construction of the new property, said Mrinaal Mittal, Director, Blackteak Realty
LIVE Updates | Indian Union Budget 2023-24 Expectations: Leeway in Reduction in GST Rates for Key Raw Materials
The 2023 budget the industry hopes will offer some positives to help strengthen the real estate market. Given that the inflationary environment is the key risk for real estate, we are also expecting a leeway in terms of reduction in GST rates for key raw materials and re-introduction of input tax credit which would help developers tide over inflationary pressures, said Hari Kishan Movva, Senior Vice President, SILA
LIVE Updates | Indian Union Budget 2023-24 Expectations: Keep in mind the changing needs of the new-age Indian business models
Fintechs have sought exemption in GST till a certain limit of their revenue for long. GST for debt collections service comes under reverse charge and hence there is a huge disincentive for the industry, especially for new-age startups which are leveraging technology for collections. The expectation from the budget would be to keep in mind the changing needs of the new-age Indian business models, said Sumeet Srivastava, Co-Founder & CEO spocto
Union Budget 2023-24 Expectations: Strengthen the Country’s Labour Reforms
As efforts continue to strengthen the country’s labour reforms, key labour-related agenda, like bringing large sections of the unorganized sector under the ambit of the social security schemes, statutory minimum wages and healthcare, may merit increased attention. The Central Government may therefore need to push for wider and quicker adoption of the New Labour Codes by the State Governments, said Rahul Goyal, MD – ADP India
Finance Minister Nirmala Sitharaman will deliver the Union budget for 2023–24 on February 1, 2023. The Union budget for 2023–24 will be delivered electronically, much like the two previous budgets. The "Union Budget Mobile App" will provide easy access to all 14 budget documents for MPs and the general public using the most basic digital convenience, including the annual financial statement (commonly known as the budget), demand for grants (DG), and the finance bill as required by the Constitution.
Sitharaman and two junior ministers Bhagwat Karad and Pankaj Chaudhary along with senior officials of the finance ministry as well as members of budget press on Thursday participated in the 'Halwa' ceremony, which marks the final stage of budget preparations. The ceremony was held within North Block premises, which houses the finance ministry.
A customary Halwa ceremony is performed every year before the 'lock-in' process of budget preparation begins.
Meanwhile, the government has convened an all-party meeting on January 30 -- on the eve of the Budget Session, IANS has reported. The customary meeting has been convened by Parliamentary Affairs Minister Pralhad Joshi just ahead of the budget session, which begins on January 31. The government is likely to reach out to all the parties, mainly the Congress, Trinamool Congress and other Opposition parties, to seek their cooperation for a smooth functioning of the session.
Overall, it is anticipated that the budget will place a focus on initiatives to boost the nation's industrial and infrastructure sectors, as well as initiatives to draw in investments and generate employment.
Stay tuned with us for live updates on what the industries, various business sectors expect from this year’s Union Budget 2023