Budget 2023: The government has not made any changes in the income tax slab after 2014. Therefore, this time it is expected that the government will give relief to the middle class employed class.
Union Budget 2023: Only a few days are left for the presentation of Budget 2023 . In such a situation, people are wondering what changes can happen in the budget this time. If some believe that the budget can be populist, then some people believe that there will be no significant changes in the budget. Meanwhile, the Union Finance Ministry has announced that this year’s budget will be presented in paperless form. This time also the same process will be followed which was started during the Kovid-19 pandemic. During that time, the central government had announced to adopt the paperless form of the budget.
The Finance Ministry has given information about this by tweeting. He told that like the last two Union Budgets, the Union Budget 2023-24 will also be presented in paperless form. The Union Budget 2023-24 will be presented on 1 February 2023. Apart from this, after 2 years again before the budget, Halwa Ceremony will be celebrated today i.e. on Thursday.
What can be the changes in the budget 2023?
Custom duty may increase
In media reports, a government official has been quoted as saying that the government is brainstorming a list of 35 items for a possible custom duty hike. There is hope for a change in this. The list includes things like private jets, helicopters, high-end electronic items, plastic items, jewellery, high gloss paper and vitamins. According to media reports, the move is aimed at reducing imports and promoting local manufacturing of some of these products.
At the same time, the investors of the stock market are expecting a balanced budget this time. He believes that in the general budget, the government will emphasize on job creation, increasing spending on infrastructure, overcoming the deficit and improving the economy.
Announcement can be made on online tax
According to media reports, the government is working on further improving the tax system available on online gaming, so that the government’s income can be increased. Small cases currently escape the tax system on online gaming. The government can also bring them under the tax net.
As per the current rules of online gaming, winnings of Rs 10,000 or more are taxed. People have to pay 30 percent tax on this amount. Which means if you have won Rs 9,999, then you do not have to pay any tax. If you have won more than Rs 10,000 in different games, but your winnings per match are Rs 9,999 or less, then you do not have to pay any tax.
NBFC sector hopes for tax relief
According to Mahesh Shukla, Founder and CEO of PayMe, the lending or financing industry has seen a significant improvement in recent years with financial technology or fin-tech players and non-banking financial companies (NBFCs) on the rise. There has been a rapid increase in lending or disbursement of loans as compared to traditional banks. The NBFC sector has a lot of expectations from the Finance Minister during the Union Budget 2023. The biggest expectation of fin-tech players is the liberalization of the tax regime.
Startups hope for tax relief
Not levying GST till annual turnover of Rs 10 crore will help small and medium enterprises (SMEs) to create a stronger economy and help create more jobs. The government is also expected to extend support for better partnership with banks to strengthen existing models of financing. The Reserve Bank of India (RBI) may further improve regulations to govern the fin-tech sector, which may bring in more transparency and promote digitization of lending processes across the country, including in rural areas.
Expected change in tax slab
In the tax slab, 25 percent tax is being demanded on income of more than 20 lakhs. Similarly, there is a demand to increase the tax to 20 percent on the income of 10 to 20 lakhs. In the current tax slab, up to Rs 2.5 lakh is not taxed. From 2.5 to 5 lakhs 5% tax, from 5 to 7.5 lakhs 20% tax. Similarly, 20 percent tax is levied from 7.5 lakh to 10 lakh. In which change has been demanded.
