Vishal Agrawal, President – VIA
I welcome the new budget and great relief in income tax slabs. Investment in infrastructure is appreciable
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Ashish Doshi, Secretary – VIA
Keeping the goals of Amritkal in mind, Finance Minister has kept the focus on inclusive development, productivity enhancement and financing investment and PM Gatishakti. Good emphasis has been made for agri sector, startup, etc.
Inspite of 27% increase in tax-collection, no major announcements were made for new industries or investments. Start-ups given some encouragement but overall budget doesn’t show any major change in company taxations, fund allocation, etc.
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Prashant Mohota, MD – Gimatex Industries Pvt Ltd & Chairman of VIA Energy Forum
Very happy to see that more disposable income would be available with the middle class families because of the cut in income tax. On a similar note, happy to see the FM sticking to the commitment made in terms of fiscal consolidation by bringing the fiscal deficit to a reasonable level of 5.9% of GDP. But very surprised to see any new announcement for promotion of new investment or industrialization. Additionally, was also expecting a cut in custom duty on cotton because of the huge increase in Cotton prices due to production shortfall in the country.
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Dr Anita Rao, Joint Secretary – VIA
A populist budget with an eye on the elections. But largely beneficial for every class has given due importance to woman entrepreneurs, start-ups and MSME.
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CA Sachin Jajodia, Convener of VIA Taxation & Corporate Law Forum
1. FOCUS ON IMPROVEMENT: This Budget focused on improving structural aspects like improvement in storage buildings, extending working of ICMR labs, unified filing systems, moving from input-based incentives to performance-based incentives etc.
2. VITAL IN DIRECT TAX – The Government wants to move towards new tax regime from the old tax regime hence proposed tax benefits by improving personal tax rates for new tax regime and making new tax regime default for all. This shows the intention of Government diluting the old tax regime in coming time.
3. MSME – Revamped Credit Guarantee Scheme with infusion of Rs.9000 crore, Cost to be reduced by 1%. For timely receipt to MSME, deduction of expenditure incurred on actual payment basis.
4. START-UP – Carry forward of losses from 7 to 10 years even on change of shareholding.
5. ONE STOP UPDATION OF KYC – Thus will bring uniformity among all KYC and help in Data sharing among various government agencies.
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Premchand Bhonge, MD Business Head – Can Group Of Industries
A budget 2023 helps to become competitive against China. Govt should focus on the capacity building of the engineering sector particularly in MSMEs Sector. A budget that puts India on the path to become the world champion- all set to score goals on infra development, consumption and inclusion. A big boost for domestic manufacturing, job creation and ease of doing business! #Budget2023. Govt’s Programme of 20% ethanol blending with petrol vehicles boosts the economy.
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CA Yash Verma
Only good thing is no new levies. Reduction of TDS and 276A amendment are welcome. However not much is given to industry. Even personal taxation expectations were also not encouraging.
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CA Rahul Agrawal
Partner of Agriculture Jajodia & Associates
Budget is not election oriented, demotivational for 80C investment. Welcome move for encouraging to new tax regime. Disappointment for common people but I would say bold steps to maintain the budget of the country.
