Sethurathnam Ravi
New Delhi [India], July 13: This year’s budget will set the tone for the NDA 3.0 government. Sethurathnam Ravi expects this budget to be similar to the previous budget.
The focus will be on growing and boosting infrastructure and capex. Job creation would be a key factor in all policies. Capex in the manufacturing sector through private-public partnerships will also be pushed by the Government. incentives for clean and green energy, including e-vehicles, waste to energy, green coal, sustainability, etc., so as to achieve global goals and keep in line with Bharat’s vision of Vikshit Bharat.
The budget may consider the tourism & Hospitality sector to be given infrastructure status as they are the second largest employment provider. The target of 15 million foreign tourists and 20 billion domestic travellers can only be achieved through this so that funding is easily accessible at a lower-cost.
Given the consistent increase in GST collection each quarter, it is likely that the upcoming budget will see a rationalization of GST, with potential changes in rates, particularly in the clean and green energy space.
It is expected that the upcoming budget will bring about modifications in the new tax regime, potentially increasing the limits of exemption and providing certain exemptions for health, pension, and education, thereby impacting personal taxation.
The national pension schemes may also go through changes so that the burden on the government for pensions, in the long run, is reduced. The apprehensions of employees should be addressed as various feedback are available This budget will be a directional budget through which infrastructure, job creation, and tax relief to the middle class will be the key focus.
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