Budget insights 2023: Key tax proposals
February 2, 2023
Our tax experts put forth a compendium comprising key highlights of the Union Budget 2023. Finance Minister, Nirmala Sitharaman has unveiled a holistic and progressive budget which is based on seven priorities of the Government. The general sentiment is that it is a well-rounded budget with a people-centric agenda as it seeks to boost both consumption and investment while maintaining fiscal discipline. The impetus appears to be on sustainable economic development, unleashing the true potential of youth by facilitating opportunities, strengthening macro- economic stability, and focusing on sectors such as research and development, pharmaceuticals, tourism and green growth amongst others. The emphasis of capital investment and infrastructure development in the country has also been continued with significant increase in the outlay for such investment. Some of the most prominent proposals include revision in the personal income tax rates, introduction of PAN as the common business identifier, one year tax holiday for start-ups, angel tax provisions to apply on shares issuances to non-residents, introduction a unified filing process before various ministries and reducing compliances– which will go a long way in furthering the long-standing policy of the Government- ‘Ease of doing business’.