India Union Budget 2023 Expectations
As Per the Various Resources,Union Budget will be an exercise of managing several objectives. This will include movement to fiscal prudence, stimulating growth without accompanying inflation, garnering more resources through non-tax measures, and providing sops where necessary.
Union Government must focus on addressing issues like the impact of the global slowdown on economic growth, falling exports, and the increase in India’s current account deficit, among other issues.
– To encourage consumers to buy affordable homes the Credit Linked Subsidy Scheme (CLSS), which has benefited 2.54 million, should be maintained, said Neeraj Bansal, co-head and COO-India Global, KPMG India.
– Bansal also said the price cap of affordable housing requires a revision to further attract a broader spectrum of homebuyers.
– More tax breaks are specifically required from the perspective of the buyer, he said.
– The government should think about reintroducing the Section 80IBA registration deadline for affordable housing projects, benefiting builders, he added.
– He further suggested that the overall size of the Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH) fund, established under the Special Window for Affordable and Mid-Income Housing, be increased to Rs 50,000 crore.
Union Budget 2023 is likely to announce key aspects of its policy framework for pumped storage plants (PSP) after a gap of nearly two years. To accomplish this, the government may exempt PSPs off-river or off-stream from environmental impact assessments, which are currently mandatory.
India’s telecom sector wants Finance Minister Nirmala Sitharaman to reduce license fees from three percent to one percent as the capital-intensive sector seeks to upgrade technology and expand its network amid nationwide commercial deployment of 5G services. Telecom service providers have also sought the abolition of the Universal Service Obligation Fund (USOF).
Tax incentives, regulatory clarity regarding acceptable business models in Web3 platform, and loosening of restrictions on merchant discount rates.
– Tax incentives for businesses that support the digitization of financial services.
– Tax incentives associated to mergers and acquisitions (M&A) might result in the consolidation of a highly fragmented industry.
– Relaxed rules around Merchant Discount Rate (MDR)
– Tax benefits for Web3 based platforms would prevent the brain and capital drain that has recently been observed in digital assets, non-fungible tokens, and the Web3space.
– Synchronising legal framework for data privacy across different regulatory authorities to support efficient compliance
