Union Budget 2023 || Mr. Mahesh Krishnamoorthy, Managing Director – Core Integra
“As expected from the last full budget before Elections, the FM has announced aggressive growth plans through the budget. It is encouraging to see the projected growth target at 7% with the Indian economy poised to continue the growth momentum as seen over the last 10 years. The initiatives to promote the Agriculture, MSME, and Tourism sectors along with a focus on job creation is a welcome change. It is also nice to note the Government’s continued focus on ease of doing business, simplifying compliances, and making the legal framework friendlier towards startups and entrepreneurs. Unified KYC process with control in the hands of the filer looks to be a first step towards data privacy and user-controlled information governance, definitely a positive move. On the personal income tax side, it is indeed appreciated on the steps taken to increase minimum taxable slabs, reduce tax slabs and tax rates, simplify the tax structure with a reduction in highest tax rates along with making the new tax regime as the default one. Its highly commendable to note that income tax refunds are processed within 24 hours to 16 days, which is probably for the first time in the history of our country. While the initiatives and benefits may cause a dent on the tax collection, I am sure that it would increase the tax base with increased transparency through digitalization. Last but not the least, the 7-point priority definition made the entire budget more structured and process-oriented. Overall a well-presented budget and look forward to continued growth of the Indian economy and a rising star in the global arena.”
