Budget preparations pick up pace, the government sought suggestions by November 15

Budget 2022-23: The Finance Ministry has intensified its preparations for the General Budget for the year 2022-23. The Finance Ministry has sought suggestions from the Business Chambers, business organizations regarding the general budget. The ministry has written a letter to these organizations asking them to give their suggestions by November 15.

The Finance Ministry has sought suggestions for increasing the duty structure, rate and scope of tax in respect of direct and indirect tax matters. The ministry has also asked business chambers and other stakeholders to suggest ways to eliminate tax buoyancy and reduce litigation. The government has expressed its intention to reduce tax incentives, deductions and exemptions in the direct tax system. In the letter, the government has said that its policy has been to reduce these things in the medium term in the case of direct taxes. At present, there is a provision of more than 100 exemptions and deductions through various sections of income tax.

On February 1, 2022, Finance Minister Nirmala Sitharaman will present the budget for the financial year 2022-23. This will be the fourth budget of the second term of the Modi government and also the fourth budget of Nirmala Sitharaman. The focus is expected in the budget to accelerate the brakes on the pace of the economy due to the Corona epidemic and bring it back on track. In this budget, the focus can be on generating demand, generating employment and accelerating economic growth and strengthening infrastructure.

Advice not to give suggestions related to GST

The government has told business chambers and other business organizations that suggestions related to Goods and Services Tax will not be considered in the budget. Because only the GST Council takes decisions on the issues related to GST. These suggestions have nothing to do with the budget. However, the ministry has said that suggestions can be made regarding Central Excise and Custom Duty.

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