Job creation, change in income tax slabs and more foreign capital

Budget 2023: EZTax expectations for the 2023 budget

1. Continuation of reforms towards “minimum government and maximum governance”, measures to regain market confidence for the privatization of non-functional UAPs, etc.

2. Increase local procurement requirements for all governments and large public companies to reinvigorate MSME business.

3. Provide bigger incentives for start-ups. that provide jobs and innovation for the defense industry, agriculture, and domestic construction products and services.

4. Reorganization of GST Slab rates to promote employment in raw (lower GST Slab), processed (manufactured), heavily processed and imported (higher GST Slab) categories.

5. The income tax reforms and the 2023 budget should focus on easing tax compliance and increasing the tax base in India.

6. Increase Section 87A tax refund for non-taxable income of up to Rs 6 lakhs.

7. Increase the primary income tax deduction for housing loan, in the case of independent property to Rs. 3L to promote housing and savings.

8. Encourage a small family of four to get a special discount. Also, introduce “family” as an IT filing type to enable family filing with incentives.

9. Improve the new tax regime with more favorable tax brackets to pave the way for the sunset of the old tax regime and reduce compliance complexity. Set a date for the end of the old tax system.

10. Special fund to automate business compliance to reduce human intervention Reduce the involvement of the tax practitioner during the life cycle of the business for revenue of up to Rs 10 crore.

11. Enable a measure to grant EZ Loans online based on GST turnover and industry specific metrics.

12. Transformations of the banking sector as a whole – strengthening of asset valuation to reduce NPAs, privatization of certain banks.


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