PRE BUDGET SUBMISSION
Budget 2024: Top three moves that NDA govt must consider for employment generation
Budget 2024: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget on July 23 in Lok Sabha, kicking off the parliamentary session running from July 22 to August 22. The upcoming budget under the NDA government is anticipated to prioritize sustaining economic growth, promoting job creation, and adhering to fiscal deficit targets.
Budget 2024: Will Budget remove the ‘killer’ angel for the sake of Indian startups?
Budget expectations for startups: Ahead of the Budget 2024, the DPIIT has proposed eliminating the Angel Tax for startups to boost capital formation. The department also aims to address the inverted duty structure and high tariffs on electronics inputs. The 'angel tax' issue has sparked political debates, with industry leaders and organizations urging its removal to facilitate startup investments. Startups will await Budget announcements with hopes for measures on angel tax.
Budget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY
EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include maintaining corporate tax stability, rationalizing TDS provisions, and improving dispute resolution mechanisms.
View: Ahead of Budget, here's what India Inc wants on Customs front
India's Interim Budget 2024 is expected to focus on improving the quality of trade facilitative environment, fostering domestic manufacturing, and expanding the greater value chain (GVC). The country has made significant progress in streamlining cargo clearance processes, but the actual performance has fallen short of average release time targets, experts say.
Budget 2024: How can Modi govt further give filip to tax administration using digital initiatives?
India's tax administration has undergone a significant transformation over the past decade, preparing the country for its 'Amrit Kaal'. The number of income tax returns filed has increased by approximately 105% between FY 2013-14 and FY 2022-23, and the net direct tax collection is set to surpass Rs 19 lakh crore in FY 2023-24.
Import duty hike, quality control norms: What India's paper industry seeks from Budget 2024
It its pre-budget submission to the govt, the industry has urged for increasing the basic customs duty on the import of paper and paperboard from 10 per cent to 25%. It may be noted here that India's WTO Bound rate is 40% on these products.
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Budget 2024 should allow past year's TDS credit to be claimed online, current method difficult: Industry
Various experts have varied views about Form-71 which is used by individual taxpayers to claim TDS credit if it was not deducted in the year when the income was generated. At present a duly filled up Form 71 is submitted online and then the AO checks the claim and either grants or rejects the TDS credit.
Developed nations may face scrutiny over unfulfilled climate commitments at COP28: UN report
The first-ever global stocktake, initiated in Glasgow in 2021, is expected to acknowledge that developed countries' historical emissions have depleted the carbon budget and that they have failed to fulfill their pre-2020 commitments. The outcome of the global stocktake may also recognize that developed countries' 2030 mitigation ambitions are inadequate.
India slams rich nations' climate efforts; calls for focus on pre-2020 gaps, equity in Global Stocktake
The Paris Agreement recognises that developed countries most responsible for greenhouse gas emissions must support developing countries in line with their historical responsibility. Countries of the global north are responsible for the largest percentage of cumulative overshoot in emissions historically, it said.
Nirmala Sitharaman Budget 2023 Speech: Here is the full text
This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We envision a prosperous and inclusive India, in which the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes, FM said.
Budget 2023: NATHEALTH seeks rationalisation of GST for healthcare sector
In its submission to the finance ministry on Wednesday , the industry body said that the healthcare sector has not been able to derive the benefits of the GST transition in comparison to other sectors. In fact, the embedded taxes in the sector have increased in the post-GST regime compared to pre-GST period, it noted.
Budget 2022: Time to raise awareness and acceptance of Surety Bonds
We expect our finance minister to continue the focus on building world class infrastructure in India with increased allocation to the sector. With surety insurance, the sector can benefit by way improved liquidity, access to increased project opportunities, release of collaterals etc.
Need for an Insolvency Code tweak for the common man in Budget 2022
In the post-Covid world, treatment of MSMEs need to be reassessed. According to recent Reserve Bank of India’s Financial Stability Report, MSMEs are showing signs of stress. This, despite a number of schemes targeted towards MSMEs in the past year and a half by RBI and the Union Government.
FM to hold pre-Budget meetings with infra, financial sector players on Thursday
The Budget would come against the backdrop of gradual recovery taking place in the Indian economy hit by the COVID-19 pandemic.
Pre-budget consultation: Agri experts for MSP based on realistic cost, subsidised diesel
Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad held the first pre-Budget consultations with representatives of agriculture and agro processing industry through virtual mode.
Government should include industrial strategy in Union Budget, says CUTS International
"Expensive raw material, logistics, and power costs have prevented industry from competing internationally," Pradeep Mehta, Secretary General of CUTS International, said in a statement.
Fin Min seeks public suggestions for Union Budget 2021-22
“General public in their individual capacity need to register on MyGov to submit their ideas for Budget 2021-22. If required, individuals may be contacted on the email/mobile no. provided at the time of registration to seek clarification on their submissions,” the ministry said.
View: NDA government could reform India's regressive taxation philosophy
Removing bias in tax treatment can lead to better allocation of resources & end investments slowdown.
AMAI demands import duty hike on caustic soda and soda ash
AMAI said the demand for caustic soda has been growing at 5% CAGR during the last four years and by 7% for soda ash.
Budget 2019 speech by FM Piyush Goyal: Full text
To promote entertainment industry - Single window clearance for ease of shooting films, available only to foreigners, is now going to be made available to Indian filmmakers as well.
Budget 2019: Read full text of Piyush Goyal's speech in Parliament
In Budget speech, FM not only tried to woo the middle class, but also tried to address rural stress.
need2know: Nine macro cues for your day on D-Street
India and Japan on Thursday decided to ramp up their strategic partnership with a declared aim to maintain stability in Asia.
Finmin kicks off budget preparations
As per the circular for the Budget 2018-19, the pre- budget meetings of ministries and departments will start from October 9.
Indigo, GoAir made parties in Vijay Mallya case
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines Limited.
Handset makers lobby suggests value-linked, 10-year tax holiday
Duty differential regime on various components in mobile phone manufacturing for a pre-determined number of years has also been proposed by the Indian Cellular Association.
Budget 2016: 6 ways to pay less tax, legally
HRA gives you a bigger break than a company flat? This is designed to help you understand the key tax proposals of the Budget and minimize the pinch.
Budget 2016: Full text of Finance Minister Arun Jaitley's speech
Jaitley presented his third budget which took on the fiscal and physical health of the nation by setting the fiscal deficit target at 3.5% of GDP.
Budget 2012: Waive service tax on health insurance schemes, says ICICI Lombard General Insurance
We are hopeful that in this budget, the government will announce a few measures that would aid higher adoption of insurance products among retail consumers.
Nasscom for removal of MAT on SEZs, clear transfer pricing norms
In its Budget submission to the Finance Ministry, Nasscom has recommended that MAT on SEZ income be withdrawn as it is counter to the long-term policy announced by the government through the SEZ Act.
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