Union Budget 2023 expectations | BluePi
With businesses increasingly becoming data-driven to ensure smooth operations and smart decision-making, a tax incentive is needed for organizations leveraging new-age technologies such as data analytics, big data, AI, ML, and others. India is moving forward at high speed in its digital capabilities across sectors including retail, financial services, and others. Government should focus on ease of starting and doing business through tax reforms, spending on digital infrastructure, and skill development in the tech sector. There should be an extension of the Emergency Credit Line Guarantee Scheme (ECLGS) and a business-friendly capital gain tax system and other regulations that will further ease access to capital for doing business. There is a need for single window systems for all registrations including the formation of the company, and launching a retail outlet or GST, with a reduction in compliance burden.
Taxation for MSMEs should be simplified in addition to enhancing credit to them. It is important to ensure MSMEs co-exist with the larger players in the e-commerce ecosystem and this should be enabled by suitable government policies.
Further investments and programs to support training and upskilling in the use of new-age tools and technologies are expected from the government, which will take us closer to the goal of making India Digital.-Pronam Chatterjee, CEO, BluePi Consulting Pvt. Ltd., shares his expectations from the Union Budget 2023