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Budget 2023: What tax experts in India really want from Finance Minister Nirmala Sitharaman

As the government prepares to release the 2023 budget, tax experts are expecting measures to boost economic growth and support small and medium-sized businesses, simplification of the tax code, measures to increase compliance and reduce tax evasion.

India TV News Desk Edited By: India TV News Desk New Delhi Updated on: January 16, 2023 16:42 IST
budget 2023, budget expectations, Nirmala Sitharaman
Image Source : FILE PHOTO/PTI Union Finance Minister Nirmala Sitharaman during a Budget meeting.

As the government prepares to release the budget 2023 , tax experts in the country are keenly watching for announcements that will impact the nation's economy.  With the ongoing COVID-19 pandemic having a significant impact on businesses and individuals, there is much speculation about what the budget will contain.

In the upcoming budget, tax experts in India are expecting Finance Minister Nirmala Sitharaman to announce measures to boost economic growth and support small and medium-sized businesses. 

Additionally, experts are hoping for simplification of the tax code and measures to increase compliance and reduce tax evasion. The experts also expect the government to come up with measures to support the agricultural sector which has been impacted due to the pandemic. The government is also expected to focus on measures to increase revenue, support for the digital economy and boost infrastructure development. 

ALSO READ: Budget 2023: Will 'new' Income Tax regime have some more exemptions?

Experts are also hoping for the government to address the issue of tax disputes, which has been a long-standing problem in India. They are expecting the government to come up with measures that will simplify the process of resolving tax disputes and reduce the number of pending cases.

The budget is also expected to focus on the healthcare sector and allocation of funds for the same in view of the ongoing pandemic. The government is also expected to announce measures to support the education sector and to make it more inclusive.

ALSO READ: Budget 2023: Blue sheet, finance bill, fiscal deficit - understanding key Budget terms

The budget is also expected to focus on the environment and measures to promote sustainable development. The government is expected to announce measures to promote electric vehicles and to encourage the use of clean energy.

FAQs:

Q1: What measures are tax experts in India calling for in the 2023 budget?

Tax experts are calling for measures to boost economic growth, such as tax breaks for small and medium-sized businesses, support for the agricultural sector, simplification of the tax code, measures to increase compliance and reduce tax evasion.

Q2: How will the ongoing COVID-19 pandemic impact the 2023 budget in India?
The ongoing COVID-19 pandemic is expected to have a significant impact on the 2023 budget, with many experts calling for measures to support businesses and individuals affected by the crisis.

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