Direct Tax Proposals - Finance Bill 2023.
Inquiry before Assessment: Amendment in Section 142(2A) of Income Tax Act
Change in Sec.10 of CGST Act (Composition Scheme for Supplier of Goods via E-commerce)
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today.
My expectations for the 2023 budget are unique. Instead of requesting an increase in tax deductions for the middle class (such as through raising Section 80C, 80D, and 24(b)), I believe the government should focus on attracting wealthy individuals to live and invest in India.
We would like to make some suggestions on Income Tax & GST as our Pre-Budget Memorandum for Budget 2023
Expected Changes in GST | Union Budget 2023-24
This year, the budget is likely to be growth-oriented with a focus on capex, manufacturing, infrastructure, and rural economy. This budget is also the last full budget of the Government before the General elections in 2024.
In view of building nation, Considering the contribution of the individuals behind the success of the economy, it is expected that the upcoming Budget 2023 should mainly focus on the growth of individual taxpayers in India. Listing down the key changes suggested on the personal taxation front are briefed as under:
Though, the expectation from the Union Budget is higher in every coming year, all the expected will not realise as eighter no priority, not for this fiscal, not required, to be studied further, revenue loss not accessed, present economic condition, not growth oriented and various reasons best known to them.
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